How is property division addressed in a simplified dissolution?

| Jun 13, 2019 | Firm News |

Illinois divorces that are contentious and involve a seemingly endless dispute get most of the attention and are among the biggest concerns of people who are considering moving forward with the end of a marriage. However, not all cases are rife with hard feelings and go on endlessly. For some couples, the pieces are in place for a relatively amicable parting of the ways. For those who are in such a circumstance, a joint simplified dissolution might be their best bet. There are many parts of this type of divorce and a key factor that should be understood is how property division is handled.

With property division, retirement benefits must be addressed. Neither of the parties can have any interest in real property or retirement benefits except in cases where the retirement benefits are in IRAs and they are worth less than $10,000 in total. With marital property, the total fair market value must be calculated. Mortgages or other costs will be subtracted when determining the value and it must be less than $50,000. The income from the sources must be less than $60,000. Neither of the parties can have a gross income that goes beyond $30,000.

It is necessary that the parties have given full disclosure to the other regarding assets and liabilities along with the tax returns for every year in which they were married. A written agreement must be completed that divides that assets that are worth more than $100. The debts and liabilities must be allocated between the parties.

The entire divorce process can be made easier if the parties are agreeable and avoid the same traps that afflict others as they seek to end a marriage. Dispute helps no one. If it can be avoided, it can make the situation far smoother than it would otherwise be. With property division as part of a simplified dissolution, having legal help from a firm that specializes in all aspects of family law can be beneficial.

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