Strange Divorce Settlements

 Posted on December 00, 0000 in Property Division

Most couples going through a divorce are looking for a fair division of the marital assets, alimony and child support amounts they can live with, and, ultimately, the legal dissolution of a marriage that just was not working. However, every so often we hear about some really odd demands made by one party or the other that cause us to shake our heads in disbelief. Strange Demands, Strange Results Granted, divorce laws around the world vary greatly. Some tend to favor one party more than the other. Perhaps the only thing more strange than the demands made by the parties in these divorce cases, is that the judge actually granted them in finalizing the divorce decree. A Cambodian couple ordered to split their assets took things quite literally and divided their house in half. The husband towed his half away, perhaps to enclose it before the rainy season. A judge in Spain ordered a couple to divide their apartment in half as it was deemed best for the well-being of their two young daughters. In Australia a man had to dig up the remains of his parents, who he buried on his family property, after a judge awarded the property to his wife. A Nobel laureate who was divorced in 1988 had to pay his wife half of 1995 winnings because their settlement included a clause for any future Nobel winnings up to and including 1995. If he had won in 1996 his wife would have received nothing. In India, a man who claimed his wife spent all his money on ice cream, was ordered to pay $1,300 per month in support, and an additional $2.50 each month so his wife could buy ice cream. Of course, these stories all seem to border on the extreme, but the lesson is that if you feel you are entitled to something as part of your divorce there is no harm in asking for it. Work with an Experienced Aurora Divorce Attorney When it comes to dividing marital property as part of the final divorce settlement there is bound to be some disagreement among the parties. This is when it will pay off to find and retain an Illinois divorce lawyer that will work on your behalf to see that you receive everything to which you are entitled. When you rely on the Law Office of Matthew M. Williams, P.C. for help in pursuing your divorce, you will benefit from years of experience and their dedication to client satisfaction. You can schedule a free consultation when you call their offices today. Sources: http:/mentalfloss.com/article/23385/10-bizarre-divorce-settlements https:/www.oddee.com/item_99656.aspx" divorce are looking for a fair division of the marital assets,alimony andchild support amounts they can live with, and, ultimately, the legal dissolution of a marriage that just was not working. However, every so often we hear about some really odd demands made by one party or the other that cause us to shake our heads in disbelief.

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Dividing Property as Part of Your Divorce

 Posted on December 00, 0000 in Property Division

When a married couple decides to divorce everything they have obtained, amassed and created together suddenly becomes a desired possession by one party or the other, but very frequently property and assets are sought by both adults. The matter of property division is one that tends to increase the level of stress and cause prolonged court battles.

Understanding the Process

Along with the help of a knowledgeable divorce attorney with experience in matters of property division, it may be helpful to have a basic understanding of the guidelines Illinois judges refer to when faced with these matters. Consider the following information as a reference.

• It happened that a couple owned two season tickets for the home games of a local professional sports team, but neither enjoyed the thought of continuing to attend games with the other once divorced. The wife even went so far as to file an emergency petition to obtain custody of the tickets. Eventually, the judge awarded the tickets to the husband but ordered him to purchase equal value seats for the wife.

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What Happens to a Family Business When the Owners Divorce?

 Posted on December 00, 0000 in Property Division

The division of marital property can be a long and contentious process, as both parties attempt to secure the value of joint assets and obtain full or majority ownership of the property. This can be particularly when a married couple owns a business together, and that business becomes part of the divorce negotiations.

Keeping the Doors Open

It is not uncommon for a small, family business to close its doors forever as a result of a divorce. In addition to the stress and resentment this causes, a business closing also negatively impacts the employees who lose their jobs and even the community that relies on its services. Here are few tips to consider when taking steps to protect your business prior to or during a divorce.

• Keep accurate financial records, and do not allow business finances to mix with family finances.

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Who Gets the Pets in Divorce?

 Posted on December 00, 0000 in Property Division

As a couple goes through divorce negotiations and subsequent court proceedings many decisions are made as to who gets what, and how much they get. These decisions involve the house, children, savings and investments and other marital assets. Another decision that often results in much emotion is resolving the eventual resident of the family pet.

New Law Now in Effect

Previously, pets were treated as furniture or other inanimate possessions in divorce negotiations over marital property division. However, as of the start of 2018 in Illinois, a new law now gives a judge the right to determine if one spouse would be a better pet owner than the other. The individual who takes on more of the responsibility for pet care during the marriage now has a better chance of retaining ownership after the divorce.  Things to consider include:

• Who purchases the pet food and other care items.

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Pet Custody: Who Gets the Dog in an Illinois Divorce?

 Posted on December 00, 0000 in Property Division

For most pet owners, their pets are a part of the family. When a couple gets divorced, one of the issues that may arise is who gets to keep the pet. Prior to 2018, the state of Illinois treated pets like any other piece of property--it was awarded to one of the spouses during the allocation of the couple’s other assets. A new law that was put into place at the beginning of 2018 allows a judge to decide which spouse is the best owner for the pet. A Change in the Law Before the beginning of the year, pets were considered an asset in a marital estate. Usually, the spouse that paid for the animal or had the best financial situation for the animal was allocated the pet in the divorce. This led to some animals losing the pet parent that loved them the most and sometimes a spouse would even fight over the pet out of spite and end up with an animal they did not care about. The new law gives judges the ability to look at the situation and decide what is in the best interest of the pet’s wellbeing. This means that one spouse may end up with full ownership of the pet or both spouses could end up in a joint ownership situation, meaning the arrangement would function similar to a child custody arrangement and the time spent with the pet would be split between both spouses. Deciding Factors

The only animals that the law does not apply to are service animals. Though service animals are companion animals, they provide their owner with assistance and it is important for the animal to stay with the spouse that needs them. For all other animals, judges will look at which spouse provides the necessary elements for the pet’s wellbeing. This can include the judge looking at who:

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Asset Division in an Illinois Divorce

 Posted on December 00, 0000 in Property Division

When you are getting a divorce, you must come to an agreement with your spouse about how your assets will be divided. If you cannot come to an agreement, you will have to go to court and the judge will decide what is fair. Either way, dividing your assets can be a big headache, especially if you have large assets such as a house, cars, retirement or pension plans, stocks, brokerage accounts or businesses. It can be difficult to determine what is fair when it comes to distribution of your assets, but when it comes to Illinois law, there are certain criteria that judges use to make these decisions. Determining Marital Property vs. Non-Marital Property

The first thing a judge will do in a division of assets proceeding is determine which property and assets are marital property and which are not subject to division. The Illinois Marriage and Dissolution of Marriage Act outlines the types of assets and property that are considered marital and non-marital property. According to the act, marital property is any property, including debts and other obligations, acquired by either spouse during the marriage, except:

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Signs Your Spouse Might Be Hiding Assets from You

 Posted on December 00, 0000 in Property Division

It is extremely important to understand your financial situation, especially if you are getting a divorce. It is not uncommon for people to try to keep certain assets from their spouses when it comes to dividing them during a divorce. Unfortunately, nearly 15 million Americans reported that they have at least one bank account or credit card account that their live-in partner does not know about. Though you may think it is difficult to figure out if your spouse is hiding assets from you, it can become obvious if you know what you are looking for. Here are five signs that your spouse may be hiding something:

You Notice an Increase in Transactions on Your Bank Statements

You should know your spouse’s spending habits better than anyone. If you notice unusual transactions or purchases, it could be a sign that he or she is trying to cover their trail. An increase in large purchases, such as cars, artwork or jewelry could be a sign that your spouse is trying to convert their cash to physical assets. Unusual ATM transactions could be a sign that your spouse is moving money from a joint account to a secret account.

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Uncommon Assets That You May Need to Divide in Your Illinois Divorce

 Posted on December 00, 0000 in Property Division

When you are married for a long period of time -- even if it is just for a few years -- you are bound to have many shared assets that you have accumulated over time. Dividing your assets during a divorce can be messy and complicated, especially if both of you want the same things. Illinois courts prefer for couples to try to divide up their assets on their own before the responsibility goes to a judge, but sometimes a judge is very much needed to settle disputes. When they say everything must be split up, they mean everything -- even unusual assets that you may not think about much.

Marital vs. Non-Marital Property

Before you can divide anything in your marriage, you must first determine what property must be divided. In Illinois, only marital property is subject to division. Non-marital property remains with the spouse whose property it is. Marital property is any property, including debts and other types of obligations, that either spouse acquires during the marriage. The exception to that rule is non-marital property, which includes:

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Three Key Issues About Property Division in an Illinois Divorce

 Posted on December 00, 0000 in Property Division

Divorce brings with it a plethora of things that you must settle before you can finalize your divorce. Just one of the many things involved in a divorce is property division. When you are married, you and your spouse share almost every aspect of your lives together. Though this makes your life easier while you are together, it can make for a tough time when you get a divorce. Property division can often turn even the most peaceful of divorces into screaming matches. Here are a couple of things that you should know about Illinois property division before you settle your divorce:

Illinois Is an “Equitable Division” State

In the state of Illinois, property division is divvied up in a way that is equitable, rather than equal. This means that all factors will be looked at before determining which spouse gets which property. This also means that property division will not always be 50/50. If the judge feels that one spouse should receive more property than the other, then he can award that spouse more.

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Protecting a Business in a Divorce

 Posted on December 00, 0000 in Property Division

There were an estimated 27.9 small businesses in the United States in 2010. Owning a business can be a very rewarding and fulfilling experience, but it can also be scary if you get a divorce. Typically in Illinois divorces, the two spouses must split their assets according to Illinois’ equitable division guidelines. This does not necessarily mean that each spouse will get half of the marital assets, but it does mean that the judge will determine what is equitable. The only things that are subject to division are those that are considered marital property. Your business may or may not be considered marital property and figuring that out is your first step in protecting your business from your spouse. Here are a few ways you can protect your business and keep it in your control during your divorce:

Get Your Business Valued

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