Tag: Property

Assets and Debt in a Divorce

A pen inside an open notebook.
Photo by Aaron Burden on Unsplash

Dividing property in a divorce takes a lot of time and patience. Both parties need to voice their opinions and come to some sort of agreement. The Law Office of David A. King P.C. emphasizes the importance of creating a list when discussing the division of property.  

The list should consist of both your assets and your debts. Assets can range from a variety of things. Some examples of assets range from land, life insurance policies, and credit cards. As long as an item can be associated with a cash value, it can be argued to be an asset. Once you list all your assets, you can list your debts. The debts you list can be from your marriage or from the divorce process. The Law Office of David A. King brings up how auto loans, student loans, and personal loans should be included in your list.  

After going through all your assets and debts, you should sit down with your ex-spouse and discuss the divison of property. If you both create a list, then everything will be out in the open. Both of you will be able to see what is being divided and going through the lists will help keep order. 

To read the full blog, visit The Importance of Listing Assets and Debts in Your Divorce. 

The Division of Property in a Divorce

Dog in a box.
Photo by Erda Estremera on Unsplash

Going through a divorce is never simple. There are a variety of factors that must be taken into consideration when separating from a spouse. One of the biggest challenges that people come across, is separating their property. The Law Office of David A. King, P.C. explains how you can go about dividing your personal and marital property. 

During a divorce, property can be divided into two categories. You can have items that are considered personal property and other items that are labeled as marital property. Depending on where you live, the division of assets is different. Illinois is an “equitable division” state, meaning, marital property during a divorce does not have to be split evenly. You also have the flexibility to come up with a property settlement agreement with the other person involved. By law, the agreement between you and the other person will be respected. 

Furthermore, you do not have to consider all your items when dividing property. The assets you consider to be personal property are yours. The Law Office of David A. King, P.C offers some suggestions for figuring out what items are personal property. If you were given the item as a gift or if it came into your possession before marriage, the item would be your personal property.  

For more information, you may visit Determining Who Gets What in a Divorce – How to Divide Personal Property.