Contact Us

Warning: count(): Parameter must be an array or an object that implements Countable in /home/ocvhgcloud03/public_html/domain_bknlaw.com/components/com_easyblog/views/categories/view.html.php on line 306

Posted on in Real Estate

real estate, division of property, structured settlementDividing marital property can be among the most challenging of all divorce considerations, as most negotiations with long-term effects often are. Some parts of the process may be pretty simple, such as each spouse agreeing to keep the vehicle they primarily drove, or who gets the matching end-tables. Others, however, may be more difficult, especially those which take into account property or real estate with significantly higher value, such as the marital home or investment properties. For some couples, a structured settlement may offer an opportunity for both parties to benefit without necessarily forcing the sale of property that one spouse may wish to keep.

While Illinois law requires that marital property be divided equitably—and prior agreement between the spouses is generally seen as equitable—there is no requirement that the property division process must be completed immediately. While some couples may prefer that the process be finalized quickly, others may find that their assets and the needs are better served with a more creative solution.

Structured Settlements Can Balance Assets Over Time

...

real estate, division of property, Kane County Family LawyerDivorce proceedings are rarely pleasant experiences as they are commonly fraught with a plethora of challenges. Some of the biggest hurdles divorcing couples must contend with are decisions regarding how to divide and/or share their residential real estate assets.

Illinois is an Equitable Distribution State Illinois law dictates that money or property acquired while a couple is married will be divided equitably upon the event of divorce. However, equitable does not necessarily mean that the split will be 50 percent for each partner. In Illinois, family courts are mandated to decide what an equitable division of assets is based on the specific circumstances of each case. Some of the factors that the court will consider can include, but are not limited to:
  • Each spouse’s work history and income;

  • Educational achievements of each spouse;

    ...

Recent Blog Posts

Categories

Archives

Contact Us

NOTE: Fields with a * indicate a required field.
*
*
*
*