Protecting The Property That Matters Most During 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
- 401(k)s and defined contribution employment benefits
- Pensions and defined benefit plans through employment
- Business interests
- Deferred compensation
- Value of a professional degree or practice
- Collections, antiques and other personal property
Illinois Division Of Marital Asset Lawyers
The equitable division of assets is an important and often contentious part of a divorce case, and it must be handled correctly to protect the rights of both parties. 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 on the important decisions that will greatly affect your future.
Our attorneys 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 and which are non-marital property and to determine the value of your property. We will then develop a strategy for your overall property and debt allocation.
What Do Courts Consider?
Illinois courts consider a number of factors when distributing 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 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 primary physical custody of the children
- The age, health, station, occupation, amount and sources of income, vocational skills, employability, estate, liabilities and needs of each of the parties
- Parental responsibilities and 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
The court will also consider any factors that are unique to your specific situation, including the duration of your marriage, obligations from previous marriages, prenuptial agreements and the value of any property assigned to each spouse.
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.