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DuPage County divorce attorney asset division

For many couples, the asset division process is one of the most contentious issues that they must face when they get divorced. Although the asset division process is not as emotionally charged as proceedings involving child custody or parental decision-making, the decisions made during the asset division process can be significant. The decisions you make when determining how you will split up your property and divide your debt have the potential to impact your life for years to come. If you are going through a divorce in Illinois, it is important that you understand how the asset division process works.

Illinois Is an Equitable Distribution State

Each state across the country has different divorce laws. Some states are considered to be “community property” states, which means they generally split all assets in an equal, 50/50 split. Illinois is not one of those states and is instead considered to be an equitable distribution state. This means that marital assets will not always be split in an “equal” manner, but they will always be distributed fairly and equitably. 

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Joliet Courthouse divorce attorney property division

Getting a divorce means you and your spouse will have to make quite a few decisions pertaining to you and your family’s finances and how you will separate them as you move through the divorce process. Many of these decisions will be difficult to make depending on what they are, but it is typically agreed that dealing with the marital home during your divorce is one of the hardest. Many people have an emotional attachment to their homes, especially if they have raised a family in the home. The property division process can be stressful and dealing with the family home can be especially daunting, but you can achieve a positive outcome with the assistance of a knowledgeable divorce attorney. 

Making the Decision About Your Home

During the property division process, you must determine how to untangle all of the finances you and your spouse have entangled throughout the years that you have been married. This includes determining what is and is not marital property, separating your joint bank accounts and credit card accounts, and splitting your retirement accounts. When it comes to dealing with a large asset such as the family home, there are three basic scenarios that make up the majority of situations involving this marital piece of property:

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Bolingbrook gray divorce attorney

Divorce can be difficult for any couple, and it often becomes more complicated the longer a couple has been married. When couples over the age of 50 choose to get a divorce, they face not only the end of a relationship that has formed a large part of their lives but also the prospect of coping with the challenges of old age independently. For this reason, it is important to properly prepare for the divorce process to reduce the possibility of an emotionally and financially stressful outcome.

Important Considerations for Older Spouses in Illinois

If you are pursuing a divorce in your 50s or beyond, you can improve your readiness by taking the following actions:

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Naperville legal separation attorney

Here is a common question regarding divorce in Illinois: If I divorce my spouse, can he or she still inherit property under my will? The short answer is that if you did not bother to change your will after the divorce–and you really should–then any language naming your ex-spouse as a beneficiary or executor is automatically invalidated. The remainder of your will remains valid; the law simply acts as if your former spouse had predeceased you. Of course, you are always free to sign a new post-divorce will naming your ex-spouse as a beneficiary or executor; this rule only applies to pre-divorce wills. If a person dies without a will, his or her estate is subject to distribution under Illinois intestacy law. Intestacy usually provides that the surviving spouse will inherit all or part of the estate, depending on whether or not the deceased had any children or heirs. But as with the rules governing wills, a former spouse’s right to intestate succession ends with the entry of a divorce judgment.

Property Settlement Waives Husband’s Rights to Inherit from Wife’s Estate

A less common question is what happens in the event of a legal separation? Although a separation involves many of the same formalities as a divorce, the parties remain legally married. So what happens when one spouse dies during the separation? Does the surviving spouse still have inheritance rights?
In some cases, the parties will already have a property settlement in place to address such contingencies. Take this recent decision from the Illinois Second District Appellate Court, In re Estate of Holms. This case involved a husband and wife who legally separated in 2017. At the time, an Illinois judge approved a judgment of legal separation that incorporated a property settlement agreement (PSA). Among other provisions, the PSA included a “release of claims,” which states the spouses “mutually release and forever discharge each other from all…claims against each other’s property,” except as otherwise provided for in the PSA or the court’s legal separation judgment.
The wife passed away in May 2018. She did not have a will. The husband then claimed he still had the right to inherit from her estate under Illinois intestacy law. The wife’s daughter filed an objection. She insisted the PSA’s release of claims barred the husband from inheriting anything from the wife’s estate.
A Lake County judge sided with the husband, holding that nothing in the PSA “referenced the possibility of death or clearly indicated the intent to surrender or waive” the surviving spouse’s inheritance rights. The daughter appealed this decision. The Second District took her side, holding that “the language of the judgment for legal separation and the PSA is susceptible to only one reasonable interpretation,” namely that the spouses “intended to waive all interest in each other’s property, including any spousal inheritance rights.” Put another way, the PSA was a “final settlement as to all property rights as a result of the marriage.”

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Will County child support attorney

There are many circumstances that can lead to a divorce, and every situation is unique. Illinois divorce law makes it somewhat easy to justify your reason for wanting to legally end your marriage. Citing irreconcilable differences is the only grounds for divorce in Illinois. However, nothing about divorce feels that simple when you are going through it, so having the assistance of an experienced divorce attorney can make the proceedings less intimidating. As you are preparing to file, it is important to consider the several routes that a no-fault divorce can take.

Illinois’ Divorce Laws

In Illinois, you do not have to find fault with your spouse to legally justify your reason for wanting a divorce. In the past, you would have to prove that your spouse was adulterous, an alcoholic, abusive, or engaging in other harmful behaviors. Since Illinois is a no-fault state, you can file at any time and get divorced in a fairly quick manner if both you and your spouse consent to the terms of the settlement. Your divorce decree will contain information on spousal support, property division, as well as child support and parenting time if you have children. 

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