When a couple goes through a divorce, they need to agree on many different ways in which their formerly merged life will now transition into the life of two separate individuals. They need to figure out and agree about where each spouse will live, what will happen to any joint retirement accounts they may have, whether they will make or receive alimony payments, and more. Of all of the aspects of a divorce, one of the most difficult to agree on is generally what happens to the family home. Property division can be the cause of a great deal of confusion and anxiety. If you think divorce is in your future and you are unsure about what should be done with the home you own, a Kane County, IL property division attorney can answer your questions and advocate for your best interests. 

Why Is It Complicated to Decide What Happens to the Home?

A family home can be the source of bitter disputes during divorce proceedings for several reasons. In some cases, both spouses might want the home. It might serve as a source of nostalgic memories of a better time when the people living there were happier, where milestones were reached, and where happiness once thrived. For other couples, the family home might remind them of darker times when intimacy stopped, when loyalties were betrayed, and when harsh realities may have become impossible to ignore. There are a few scenarios that could play out when a divorcing couple is considering the future of their family home:

• Neither spouse wants to live there, and the mortgage has been paid in full. This is one of the best-case scenarios. The house can be sold, and the couple can split the profits.
• Only one spouse wants to stay in the house. In this case, the couple would need to figure out some monetary way to compensate the spouse who leaves the home.
• Both spouses want to keep the house. This is a case in which property division likely becomes extremely difficult to resolve.

Things to Keep In Mind When Deciding the Future of Your Family Home

• Your custody arrangement: For the sake of the children’s stability, it might make sense for a parent with sole or majority custody to maintain the home.
• Financial aspects: If you retain sole ownership of the home, you must ensure that home insurance, taxes, home maintenance costs, and the balance of the mortgage can be paid.
• Emotional aspects: The home may be a reminder of painful and dark times, or it might offer a more nostalgic memory of better days. You need to decide which of these is true for you.

Contact a Geneva, IL Divorce Lawyer

If you and your spouse own a home together and you are considering divorce, a Kane County, IL property division attorney can walk you through the process. Please call [[title] at 630-232-9700 today to start you on your path of advocating for your rights and interests.

When a business is part of the marital estate in an Illinois divorce, it is essential to value that business as accurately as possible in order to divide the assets fairly between the spouses. However, business valuation can be a tremendously complex process, requiring the input of a team of professionals with knowledge in accounting, finance, and management. Today, we will discuss what you can expect during a business valuation as part of asset division during an Illinois divorce.

Necessary Steps During a Business Valuation

The first step in a business valuation is to identify all of the assets and liabilities associated with the business. This includes tangible assets, such as equipment, inventory, and property, as well as intangible assets, such as goodwill, customer relationships, and intellectual property. It may also include liabilities such as outstanding debt and unpaid taxes.

Once the assets and liabilities have been identified, the next step is to determine the value of those assets and liabilities. This is typically done through a combination of methods, such as cash flow analysis, comparative market analysis, comparative market analysis, and asset-based analysis. The specific methods used will depend on the nature of the business and the industry in which it operates.

During a divorce, it is crucial that the assets of both parties are openly shared and considered for matters such as dividing assets and setting a financial limit for spousal support. But what happens if a spouse is hiding assets? There are a few ways people tend to hide finances, whether physical items or money. If you are suspicious that your spouse is hiding income or assets as you prepare for a divorce, reach out to an attorney that is prepared to uncover any hidden assets and fight for your right to an equitable divorce. Here are five signs that your spouse may be hiding assets. 

Overpaying Taxes

By overpaying your taxes, the United States Internal Revenue Service (IRS) will refund the excess money back to you. If your spouse has been overpaying their taxes, it may be a sign that they are hiding the extra money returned to him or her. This process is essentially a way to receive money in the future without having to share it during the divorce.  

Failing to Report Commission, Tips, or Financial Bonuses 

When someone chooses not to report extra income they are receiving, such as tips or commission that is separate from their typical income, they can easily hide that money from a spouse or attorney. Most of the time, a spouse will have a general idea of how much money his or her partner makes, especially if they have shared expenses such as a mortgage or car payments. However, a spouse can easily pocket bonuses from work by failing to report them, which leaves the other partner unaware of these funds.

Dividing up marital property equitably can be one of the most stressful parts of a divorce. Depending on the length of the marriage, couples may amass quite a bit of shared property that will need to be split before the divorce is finalized. Of course, the first step to the equitable division of marital property is determining what exactly is - and is not - marital property. While it is true that most things a married couple has are considered marital property, Illinois law carves out a few exceptions. Most married individuals own some individual property, whether they realize it or not. 

If you are struggling with the division of property in your divorce, you should contact a qualified divorce attorney as soon as you can. Divorces can be highly contentious proceedings, and some will try to take advantage of unrepresented parties. Always consult an attorney before agreeing to give any property that you believe is rightfully yours. 

What is Non-Marital Property in Illinois? 

Non-marital property, or individual property, is not subject to equitable distribution during a divorce. It remains with the spouse it solely belongs to. Non-marital property includes: 

The end of a marriage involves several legal steps and decisions. Determinations need to be made about many issues, including how property will be divided, if spousal support is appropriate, as well as child-related issues if a couple has a family. During the divorce proceedings, spouses may come to agreements on all of these matters. However, they may also argue over who gets what. In such cases, the court will intervene and make decisions on their behalf. When determining how a couple’s assets will be divided, Illinois follows the equitable distribution method. This also means that any marital debt will have to be split fairly. If you are concerned about what will happen to your debt once you are divorced, a knowledgeable divorce attorney can help navigate this complex issue. 

What Constitutes Marital Debt?

There are many reasons for the accumulation of debt. Money is often borrowed to pay for higher education, to purchase properties, or to start a family business. Each spouse may bring personal debt to a marriage, or in some cases, none at all. Marital debt refers to any debts that a couple accrues after they are legally married. Therefore, if one party had significant student loans or credit card balances that he or she racked up prior to the marriage, that would not be considered marital debt. Similarly, any loans or bills that are accrued after the divorce are the responsibility of the spouse who made the purchases or took out the loan.

Under Illinois law, spouses are responsible for each other’s expenses to maintain the household or support the family during the marriage. This can include buying food, clothes, and toiletries, as well as paying rent or mortgage, vehicle costs, and health insurance. If these items are not paid for outright, they may be charged to a credit card. For housing, the mortgage payments would be made through a bank loan.