Summary
If both parties agree to the divorce and its terms, an uncontested divorce is the simplest and most cost-effective option. The general steps include filing a petition for divorce, serving the papers to your spouse, and having the court review and approve the agreement. In Illinois, marital property is divided equitably, not necessarily 50/50. If your husbands company was started during the marriage, it may be considered marital property. Options to protect the business include a pre/postnuptial agreement, an Asset Protection Trust, or selling/transferring ownership. An Asset Protection Trust is designed to protect assets from future creditors and is typically set up in jurisdictions outside the U.S., though some states like Alaska and Delaware allow them. Consult a local attorney for personalized advice.Full Conversation
Me and my husband want to get divorced, the easiest and cheapest way possible. What are the steps?
Hello ****, I'm sorry to hear that. To guide you accurately, could you please share with me your location? The divorce process can vary from country to country.
I am located in Grayslake, Illinois * and my husband is located in Grand Rapids, Michigan
Hello ****, if you both agree to the divorce and terms, you can pursue an uncontested divorce. Here are the general steps:
- File a petition for divorce at your local courthouse
- Serve the divorce papers to your spouse
- If your spouse agrees, they will sign and return
- The court will review and approve your agreement
- The divorce will be finalized after a waiting period.
My husband owns a company and he is scared that i’m going to take *% of the company. How can we protect this?
Hello ****, in Illinois, marital property is divided equitably, not necessarily */*. Assets obtained during the marriage are usually considered marital property. If your husband's company was started during your marriage, it may be considered marital property. Here are some options:
- Pre/postnuptial agreement.
- Asset Protection Trust.
- Sell or transfer ownership.
Please consult a local attorney for personalized advice.
What’s the asset protection trust
An Asset Protection Trust is a type of trust that is designed to protect a person's assets from claims of future creditors. These trusts are typically set up in jurisdictions outside of the U.S., but some states, like Alaska and Delaware, have legislation allowing them.