Property Distribution and Property Settlement/Pension Attorney for Divorce
The real property and assets acquired over the course of a marriage are subject to equitable division in a divorce, and the debts of the marriage must likewise be allocated for payment. Common elements of a couple's property division are:
- Real estate
- Vehicles and equipment
- Investments, such as stocks and bonds
- IRAs
- 401(k)s and defined contribution employment benefits
- Pensions, defined benefit plans through employment
- Business interests/deferred compensation
- Value of a professional degree or practice
- Collections and personal property
The equitable division of assets is an important, and often contentious, part of a divorce case which must be handled correctly to ensure that the rights of both parties are protected. If you are uncertain about the equitable division of marital assets, our lawyers can help you fully understand the extent of your financial situation and advise you as to important decisions which greatly affect your future.
Attorneys Susan Butler and Kelly Giraudo can help you determine the value of your assets before a divorce settlement is finalized. We will work closely with you to determine which of your assets are marital property, which are non-marital property, and to determine the value of your property. We then develop a strategy for your overall property and debt allocation.
Illinois courts consider a number of factors when determining an equitable distribution of marital assets. These factors include:
- The contribution of each party to the acquisition, preservation, or increase or decrease in value of the marital or non-marital property, including the contribution of a spouse as a homemaker or to the family unit
- The dissipation by each party of the marital or non-marital property
- The value of the property assigned to each spouse
- The duration of the marriage
- The relevant economic circumstances of each spouse when the division of property is to become effective, including the desirability of awarding the family home, or the right to live therein for reasonable periods, to the spouse having custody of the children
- Any obligations and rights arising from a prior marriage of either party
- Any prenuptial agreement of the parties
- The age, health, station, occupation, amount and sources of income, vocational skills, employability, estate, liabilities, and needs of each of the parties
- The custodial provisions for any children
- Whether the apportionment is in lieu of or in addition to maintenance
- The reasonable opportunity of each spouse for future acquisition of capital assets and income
- The tax consequences of the property division upon the respective economic circumstances of the parties
Our firm will help prepare you for the division of assets, assist in the preparation of all necessary records, and represent you in the event that your divorce case requires a trial.
