Dividing a House During Divorce

Family Law Blog

Dividing a House During Divorce

November 16, 2019 | Divorce,property,wealth

A house that is marital property must be divided at divorce. Since literally cutting the house in half is not an option (although some guy in Germany did it), dividing a house at divorce must be done using other methods.   The simplest solution is putting the house on the market and splitting the proceeds of the sale. Since Illinois […]

Dividing Retirement Plans in Divorce 

November 16, 2019 | Divorce,property,wealth

In most retirement plans, such as a 401(k) or traditional IRA, taxes are paid when funds are distributed, i.e. “cashed out” of the plan.  Taxes would be paid at a rate according to the income level of the person cashing out at the time of the distribution.  Presumably, if an account is distributed during retirement, […]

Finding Hidden Assets in High Net Worth Divorce Cases

November 15, 2019 | Divorce,property,wealth

A major component of any divorce is identifying the marital property that will later be divided.  Although this sounds simple, it often is not because people are financially motivated to hide assets.  If assets remain hidden they cannot be divided.  Hidden assets can be a major issue in high net worth divorces.  This is especially true if one spouse controlled the finances during the marriage while the […]

Dividing Wealth in DuPage and Cook County Divorce: The Basics

November 14, 2019 | Divorce,property,wealth

There are two types of property in a divorce, marital and non-marital. Marital property is property acquired during a marriage with funds earned during the marriage. Non-marital property is property owned before a marriage or received as a gift during a marriage.  Inheritances are non-marital property.  A home purchased during a marriage with income made […]

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