Divorce and Property Division
One of the most difficult parts of going through a divorce and property division settlement is the emotions involved with separating everything that you have acquired during the years of your marriage. Dividing up the contents of the marital home during a divorce is only one part of the property division settlement. There are many other areas to consider when developing a plan for the fair and equitable division of marital property. The property division area of your divorce settlement includes all marital assets and all marital debts, and many things you may not initially think of.
Property Division is Complex and an Important Part of Your Divorce Agreement
Working with an experienced family law firm early in the divorce process will provide the most financial benefits to you. At Anderson & Boback, our attorneys concentrate on family law and divorce in Illinois, which means we deal with the complexities of divorce and property division each and every day. This includes helping our clients with a strategy and plan for property division and a divorce settlement that provides a fair distribution of assets while limiting your liability and considering your future.
Division of Marital Property in Illinois
Get Answers To Your Questions About Marital Property Division
Dividing marital property during a divorce involves separating the assets and the debt acquired during the marriage. While this may sound like a simple process, it is almost always complicated by emotions and disagreements. Determining the overall equity of all assets and debts from your marriage affects every area of your divorce.
It is important to list the purchase date and amount of each asset and any amount owed to determine the current equity of each asset. All assets purchased during the marriage are considered marital assets regardless of who earned the most money. The only exceptions would be items specifically excluded in a prenuptial agreement or in an inheritance situation. Marital assets include the family home and any vacation homes, all vehicles including recreational vehicles, motorcycles, and boats, all bank accounts; checking and savings, investments, pensions, retirement accounts, artwork and any other items of value acquired during the marriage.
Separation of Debt
Marital debt is treated in the same way as marital assets and can become complicated when dividing businesses, investments, and debt for high dollar assets. Make a list of all debts including the debtor the balance owed and the listed responsible party whether that is you, your spouse, or a joint obligation. Continue to make payments on any debt you have been paying and keep track of your expenditures.
Our attorneys bring more than 25 years of professional family law experience and skills to the negotiation table and courtroom. Our team has handled a broad range of legal matters related to dividing marital property, including complex high net worth divorce settlements.
Protect Your Future with an Equitable Division of Marital Property
Personalized Attention that Protects Your Interests
The laws applying to divorce and property division in Illinois dictate that all marital property including assets and debts be divided equitably rather than equally. There are many factors that the court considers when determining what is equitable. During a pre-trial conference that both parties must attend, the judge will suggest that couples solve their property division disputes through negotiation and mediation prior to going to trial.
When you’re going through a divorce, it is critical to work with a family law firm that concentrates on divorce and property division settlements to ensure you obtain a fair and equitable division of all marital property. From the beginning, we will help you protect your assets and formulate an effective plan for your financial future.
Contact us to Discuss Your Property Division Needs with One of Our Award-winning Lawyers.