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March 2018 Archives

Keeping premarital property in a divorce requires some work

Whether you are marrying for the first time or remarrying, you may have assets that you want to remain separate property should something go wrong. This can be done through a prenuptial agreement, but those assets may still need additional protection throughout the marriage in order to safeguard them in the event of a divorce. One of the first things to do in a Illinois divorce is identifying what property makes up the marital estate.

Estate administration issues: Who pays the decedent's debts?

Losing a parent is bad enough, but realizing that wrapping up his or her financial affairs involves numbers and paperwork can make the situation that much more difficult. One of the estate administration duties that adult children here in Illinois and across the country must deal with is the debts that a parent left behind. With the economy the way it has been in recent decades, many parents of adult children pass away with debts, and creditors may be vying for payment -- from any source they can.

3 ways to divorce-proof your company

As an entrepreneur, you have a lot of things to consider when starting your company. The business formation process requires you to factor in a lot of variables to ensure the future of your entity is successful and stable. One important consideration is how the business will affect-and be affected by-your marriage.

A retirement account needs special treatment in divorce

Many Illinois couples have two major assets: a home and a retirement account. After spending years carefully tending to each of them, some of those couples may face dividing them in a divorce. Just as the family home may require special treatment, so does a work-related retirement account.

Does estate administration have to include probate?

When making plans for the future, many Illinois residents attempt to avoid contemplating their own death. When they are able to overcome their reticence about estate planning, it may be a good idea to focus on avoiding probate. Estate administration does not necessarily have to involve probate.