Share Your Experience

five star review
X
Blog
Lombard Office
630-426-0196
Subscribe to this list via RSS Blog posts tagged in allocation of marital property

Lombard, IL Divorce Attorney

The annual military divorce rate is not as high as many people believe. The divorce rate has remained at 3 percent over the last four years. Numerically speaking, 21,290 of 689,060 married troops divorced in 2017. 

The legal issues surrounding military marriage and divorce can be difficult to understand, as military law is different than civilian law. Over the past few years, many changes have been made regarding military pension and its division with divorcees. 

...

property settlement, Lombard family law attorneysNo matter how much—or how little—you and your spouse may own, figuring out who should get what during a divorce is probably not going to be easy. You may find that you both have an attachment to certain assets, such as the family home or a particular car, which may not lend themselves well to being divided between the two of you. Regardless of how divorce may be presented in movies and on television, yours does not need to be played out with open hostility in a courtroom brawl. Instead, you can develop an agreement that recognizes the contributions made by both you and your spouse to the marriage and allocates your property in a way that meets everyone’s needs.

Inventory Your Assets

The first step toward a workable property settlement is understanding what is to be included. This means taking stock of everything you own and owe. Assets include real estate, vehicles, furniture, business holdings, investments, and, of course, cash savings, among many others. Debts are also important part of the agreement, as they can follow both of you for years to come if they are not properly addressed.

...

marital debt, Lombard family law attorneysAdjusting to life after a divorce can be challenging. One of the hardest things can be learning to deal with the new financial picture, especially any new debts you may have acquired as part of the divorce.

Setting a Budget

Family courts not only have the authority to divide the marital assets, but they may also be tasked with dividing the marital debts. This may mean you have less disposable income than you did before the divorce. It is important that you carefully review your finances early on and set up a realistic budget.

...

intellectual property, Illinois law, Lombard divorce attorneysDuring a divorce most people think about how things like the cars, real estate, and retirement accounts will be divided between the spouses. But, as our society becomes increasingly information driven, another major category of property to be split is intellectual property. This can include everything from copyrights and trademarks to patents and trade secrets.

When Is Intellectual Property Considered Marital Property?

Illinois law has a broad scope of what is considered marital property. The presumption is that all property acquired during the marriage, that was not an individual gift or inheritance, is marital property. This includes typical types of personal property and real estate as well as intellectual property.

...
Illinois State Bar Association DuPage County Bar Association Northwest Suburban Bar Association American Inns of Court DuPage Association of Woman Lawyers National Association of Woman Business Owners Illinois Association Criminal Defense Lawyers DuPage County Criminal Defense Lawyers Association
Back to Top