During a divorce, a financial statement may list your income, debts and major assets. But if you own part of a medical practice, law firm or other professional business, a statement may not accurately show what your share is worth. That can make an already stressful...
When You Need Honest Answers To Difficult Questions,
Call Michael L. Lodermeier
Call Michael L. Lodermeier
Interior of the Office of Michael L. Lodermeier, P.C.
Property Division
Is Illinois a community property state?
Illinois does not use community property laws. Instead, the state follows equitable distribution to divide property during a divorce. Judges divide property fairly, not necessarily equally, based on how long the marriage lasted, what each spouse contributed, and their...
How is intellectual property valued during a divorce?
Divorce can become complicated when intellectual property (IP) assets are involved. IP assets like patents, copyrights, and trademarks hold significant value. Determining their worth impacts how property gets divided between spouses. Knowing the valuation process...
Understanding marital and nonmarital property in Illinois divorce
Divorce can be a complicated process, especially when it comes to dividing assets. In Illinois, property division depends on whether the court classifies property as marital or nonmarital. Knowing the difference between these two categories can help you get a feel for...
What you should know about property division in Illinois
Divorces can be contentious and complex. They can not only impact your emotions but the more practical aspects of your life as well. This can be particularly true when it comes to your property. If you are looking to understand more about how your property is divided...
Are all your assets shared in an Illinois divorce?
Creating an agreement that divides property equitably in a divorce can be challenging. Illinois law divides marital property but not separate property. It can be complex to determine which assets are individual and which you share with your spouse. In some cases, a...
Is your spouse hiding money?
Having a successful career should not come as a detriment should you need to divorce. However, in some instances, high-asset marriages may end in one spouse going to great lengths to try and come out with more of the marital pot. Concealing marital assets is a problem...