Tag Archives: property division

Financial Mistakes to Avoid During Your DivorceIt is easy to think of a divorce settlement in terms of winners and losers. You may feel like you won the negotiations if you obtained most of the marital properties you wanted and secured favorable support payments. However, there is more to a divorce settlement than the initial financial totals:

  • Property ownership can come with additional expenses;
  • Some properties have more potential for growth; and
  • How support payments are structured can favor one side in terms of taxes.

You need to take a broad perspective of the financial consequences of your divorce settlement.

Pursuing Your Home

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Spouse May Be Hiding Income in Own BusinessOne challenge in negotiating a financial settlement in a divorce can be trying to figure out your spouse‚Äôs true worth, as compared to what he or she claims. Understating your income and assets gives you an unfair advantage when determining the division of marital property, child support payments and spousal maintenance. In particular, people who are self-employed or own a business are capable of artificially deflating their personal worth. Spouses may think they are savvy when they find ways to understate the value of their businesses or themselves. However, the other spouse would see it as dishonest and manipulative. You must be aware of the ways people can take advantage of their self-employment during a divorce.

Manipulating Finances

When people are self-employed or run a business, their personal and professional assets and expenses often mix. As their own boss, they have the ability to:

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Reasons to Sell or Keep Your House During a DivorceHouse ownership can be difficult to negotiate during a divorce because it is one of the most valuable properties in a marriage. In Illinois, marital property is equitably divided during a divorce, which means it is split fairly but not always evenly. In many cases, one spouse keeps the house, while the other spouse receives compensation through money or other assets. Spouses can also choose to sell the house and divide the proceeds. There are advantages and disadvantages to selling a marital house.

Reasons to Sell the House

  • When you sell the house, you have an actual monetary value for it instead of an estimated value. Knowing the actual value can help in negotiating an equitable division.
  • If you cannot agree on ownership of the house, selling it may be the only way you can reach an agreement. When negotiations are at an impasse, the court will decide how to divide the value of the house and may order you to sell it anyway.
  • While you shared the expenses when married, owning the house individually shifts the mortgage, utility, maintenance and property tax costs to you. Your ability to afford the house may depend on the spousal support payments you receive.
  • If you want to keep the house, you may need to give up several other marital assets. Selling the house allows you to share its value, instead of having to compensate your spouse with other assets.
  • Depending on the volatility of your marriage, you may want to leave the house because of negative memories you have of it.

Reasons to Keep the House

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division of assets, kane county divorce lawyerAmong the many concerns spouses have throughout the divorce process, it is no surprise that a significant anxiety that often plagues those undergoing a split is worry over finances. Depending on your income, earning potential, employment situation, and the belongings you and your spouse have acquired over the course of your marriage, that worry may be severely compounded when children are added to the equation or when there is a drastic difference in your debt to income ratio.

Plan Ahead When Possible

Whatever your financial circumstances as you work through the end of your marriage, you will need to come to grips with your situation sooner, rather than later. It is imperative to obtain a snapshot of your finances in order to work with your attorney, financial planner, and accountant to plan for and create financial security for yourself following the divorce. Doing so requires a full inventory sweep of your financial obligations and assets.

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Kane County divorce attorneysPurchasing items with credit is a common practice today and one to which many people have become accustomed. According to USA Today, the average American household carries almost $16,000 of credit card debt at any given time. This reliance on credit means those who are considering a divorce should take extra care to ensure that they have their credit in order. This is especially true for people who have stopped working to care for the home while their spouse has continued to draw a paycheck. One of the most contentious issues in many divorces is actually the division of debt--not assets. Finances are often tight for each partner after a divorce, and matters are made even more challenging when the new beginning comes with a large debt burden.

Here are some tips to help you get your credit on solid footing:

Check Your Credit Score

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Goostree Law Group

Goostree Law Group

 555 S. Randall Road, Suite 200
St. Charles, IL 60174

 630-584-4800

 400 S. County Farm Road, Suite 300
Wheaton, IL 60187

 630-407-1777

Our Illinois divorce attorneys represent clients in Kane County, DuPage County, Kendall County and DeKalb County, including Geneva, Batavia, St.Charles, Wayne, Wasco, Elburn, Virgil, Lily Lake, Aurora, North Aurora, Elgin, South Elgin, Bartlett, Crystal Lake, Gilberts, Millcreek, Maple Park, Kaneville, LaFox, Yorkville, Oswego, Plano, Sugar Grove, Big Rock, Bristol, Newark, DeKalb, Sycamore, Naperville, Wheaton, West Chicago, Winfield, Warrenville, Downers Grove, Lombard, Oak Brook, Streamwood, Hoffman Estates, Barrington, South Barrington, Lake Barrington, Schaumburg, Big Grove, Boulder Hill, Bristol, Joliet, Kendall, Lisbon, Minooka, Montgomery, Plainfield, Sandwich, Yorkville and many other cities.

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