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Property Division and Likelihood of Alimony

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  • 07-08-2009, 10:22 AM
    Tyler_B
    Property Division and Likelihood of Alimony
    My question involves divorce in the State of: Illinois (South Chicago Suburbs).

    I wanted to ask a few questions and hopefully receive some opinions, but before I do that I would like to just provide a general background. Thanks in advance for your comments and help. :D

    There are no children, we have 1 car (paid in full) and no debt, other than the mortgage. We have been married for close to 2.5 years.

    Before we were married, my wife owned a condo and had about $100k equity. This was sold by her, and the proceeds were placed into her account to earn interest. (Additionally, at least $45k of which I have documented, was moved from our joint account, to her account for the same purpose, earning a better interest rate. All funds are now in a joint account). After marriage, about $100k of funds were placed into a joint account (from her interest earning account), and then used to purchase a new home, with both of us on the title/mortgage.

    We have about $50k in liquid joint accounts, as well as close to $50k total in individual retirement accounts (about a 50/50 split on value).

    I make close to $80k, she makes closer to $55k.

    My asset / property division "suggestion" will be as follows.

    I will ask for 35% of the joint (non-retirement) assets up front.

    As she cannot afford the home on her own salary (and I do not wish to "buy her out" of it), she will continue to live in the home as we place it up for sale. I will pay 70% of the mortgage, while she will pay the remaining 30% + utils (amounting to about 50% of her monthly net income) until the home is sold. I will move out and rent an apartment, and pay for my own expenses.

    I will ask for 35% of the proceeds upon home sale, she can keep the car and all home furnishings.

    I do not wish to touch the retirement assets, I'd prefer to leave them alone.

    That being said, here are my questions.

    1) How likely is it that I will be required to pay her some sort of alimony or support. Is her simply getting used to having a joint income grounds for me to have to make this type of payment?

    2) IL is an equitable distrib. state. Though the down payment for our current home originated from proceeds of her original condo sale, was this money sufficiently (in your opinion) commingled? Do I have a right/claim to 50% of the property (even though I choose to only ask for 35%)?

    Thanks for taking the time to read this, I very much appreciate it. I welcome any comments, questions, suggestions, whatever you care to share.

    TB
  • 07-10-2009, 09:27 AM
    Mr. Knowitall
    Re: Property Division and Likelihood of Alimony
    Read 750 ILCS 5/503 and 5/504. Those statutes articulate the criteria used by a court to review the division of assets and award of spousal support.
  • 07-10-2009, 10:01 AM
    Tyler_B
    Re: Property Division and Likelihood of Alimony
    Thanks for the response Mr K! I'm (slowly) making my way though that.
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