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The Stogsdill Law Firm, P.C.
The Stogsdill Law Firm, P.C.

Like it or not, for many individuals, divorce is a fact of life. Attitudes about ending a marriage are also changing, with 73 percent of people reporting no moral objections to divorce in a 2017 Gallup poll. For many people, this life milestone signifies the end of the relationship and confronting the property division process that accompanies it. In Illinois, some couples will also have to separate property that is less often initially thought of during a divorce, like rewards points.

These days, credit card companies woo their customers with promises of rewards points or airline miles. Frequent travelers are also likely to participate in hotel travel programs that accumulate points towards free stays. When a couple lives and travels together, they accumulate these points together. So how can they be fairly divided during a marital breakup?

Depending on the law of the state, the rewards will either be split evenly, or a judge will determine what is fair. After the individual determines the split, then they will decide whether he or she is able to transfer the points to the ex's separate account, or if he or she will buy out the ex's share of the points. Other couples may choose to keep the points in shared account that they will use for certain pre-approved purposes.

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Tagged in: property division

For many couples heading into a divorce, there are two major points of contention. The first and often most emotional issue will be custody and support of any minor children from the marriage. The second issue, which can also become quite contentious, is how to fairly divide assets between spouses. In cases with a prenuptial agreement, asset division can prove easier. Barring that or an uncontested agreement about how to divide your assets, the courts will make these decisions on your behalf.

One of the most pressing questions for those seeking an Illinois divorce is often what will happen to their marital home. After all, a house is typically the biggest investment people make in the course of their lives. You may have spent years paying a mortgage, and you also likely have many years of happy memories in your home. It's only natural to want to know your chances of keeping the house.

Homes are typically marital property, but not always

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Tagged in: blog

Cryptocurrency is grabbing headlines all across the world as people grapple with trying to understand the new form of currency. Some individuals have pointed out that cryptocurrency is difficult to track and trace, making it a potential stash spot for people trying to hide money from their soon-to-be ex-spouses during the property division portion of a divorce. In Illinois, people who suspect that their ex is trying to hide cash may have to look even more closely to ensure they are getting a fair shake.

The new currency comes with a perceived privacy and anonymity that makes it attractive for any person trying to hide the true value of property. Although the records of cryptocurrency are trickier to find, it is not impossible. Individuals going through a divorce must reveal all financial information, and if they try to hide in digital funds, they may find themselves in hot water.

Individuals have historically used several methods to try and hide funds during the divorce process. These methods can include buying excessive gift cards, overpaying taxes and lawyers or buying items only to return them later. The new trend only builds upon a longstanding history of asset concealment.

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Tagged in: property division

Many couples today may be tempted to handle the details of divorce themselves, but they might not realize that this decision could potentially come with costly mistakes. Individuals considering divorce should be informed of all the potential tax ramifications and other details of separating retirement accounts. This and other property division concerns may have certain individuals in Illinois considering their options during the divorce process.

A retirement mistake can cost a person big time. Not only does one lose the growth potential of invested dollars, but a person may also have to pay out hundreds of thousands of dollars when the tax man comes knocking. If, during the dissolution, a person demands cash instead of transferring the retirement account in an authorized fashion, the tax penalty can come into play.

Individuals can choose to use the services of someone who is familiar with this type of service. In the event of splitting an investment account, a document called a Qualified Domestic Relations Order should be filed alongside the divorce agreement. This document, also called a QRDO, allows a couple to split important accounts and avoid any tax penalty.

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Tagged in: property division
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