Addison, Illinois Divorce Attorneys

Lawyers Helping With Property Division, Spousal Support, and Other Divorce-Related Issues in Addison

When you have chosen to end your marriage, you may be facing uncertainty about financial matters, living arrangements, parenting concerns, and many other issues that could affect you during your divorce and in the years to come. Your divorce is likely to affect nearly every aspect of your life, and addressing and resolving these issues may become even more challenging if you and your spouse disagree about what to do. Fortunately, with the help of a skilled and experienced divorce lawyer, you can take steps to achieve a positive outcome to your case.

At A. Traub & Associates, our attorneys work with clients in Addison, Illinois to navigate the divorce process successfully. We advise our clients on the best ways to protect their financial interests and parental rights while making decisions that will protect them in the future. Whether a divorce involves valuable marital property, concerns about spousal maintenance, disagreements about child custody, or other issues, we can provide the representation needed to help our clients achieve their goals.

Division of Marital Property in an Illinois Divorce

During your marriage, you and your spouse may have acquired a wide variety of different types of property. As you work to complete your divorce, you will be required to divide all of the property that is jointly owned. Working to reach agreements about property division is not always easy, especially if you each believe that you should own certain assets.

You may also encounter disagreements about whether certain assets are marital property or separate property. Your marital assets will include anything that you or your spouse have purchased or acquired during your marriage, as well as income each of you has earned and anything purchased using that income. Separate property may include assets owned before your marriage, as well as gifts or inheritances received individually. Determining what assets are marital or non-marital can sometimes be complex if different types of assets have become commingled or mixed together.

Some of the property that may need to be addressed during your divorce may include:

• Real Estate: Your marital home may be a source of conflict if both you and your spouse wish to continue owning and living in the home. You may also need to address other types of real estate property, including vacation homes or properties that earn income through rentals. You may choose to sell a property, or one spouse may retain ownership and refinance the property in their name alone.
• Bank Accounts: You may have money in checking accounts, savings accounts, or other types of accounts. These may be divided equally or in other proportions depending on how different types of marital assets are handled.
• Retirement Accounts: If you or your spouse have earned pension benefits or saved money in a 401(k) or IRA, these assets may be divided. However, the proper steps will need to be followed when doing so to avoid taxes or penalties.
• Business Interests: If either you or your spouse is a business owner, or if you operate a business together, one spouse may wish to maintain sole ownership of the business, or you may agree to sell the business and divide the profits earned. A business valuation can ensure that both parties understand the value of business assets.
• Vehicles and Personal Property: Cars, jewelry, furniture, collectibles, and other valuable property may need to be divided between you and your spouse during your divorce.
• Debts: In addition to dividing assets, marital debts may need to be allocated between you and your spouse. These may include credit card balances, the mortgages on homes or other properties, auto loans, personal loans, medical bills, tax debts, or other types of debts.

When Spousal Support May Be Awarded in a Divorce

Spousal maintenance, which is sometimes referred to as alimony, may become a factor in your case if either you or your spouse believes that financial support will be needed during or after your divorce. Illinois courts do not automatically award maintenance. Instead, the judge in your case may take steps to determine whether ongoing support will be appropriate based on the facts of your case and the financial circumstances of both parties.

There are several issues that may be considered when determining whether spousal maintenance should be awarded, including:

• The income and property of each spouse, as well as each party's current earning capacity and their expected earning capacity in the future
• The needs of each party, including any ongoing expenses that may be required to maintain the standard of living that was established during the marriage
• Any domestic responsibilities that could limit either party's earning potential, such as a lack of work experience for a person who has been a stay-at-home parent
• The age and health of both spouses and other factors that could affect their income-earning potential
• Contributions that one spouse made to the other spouse's education or career

Depending on a couple's situation, a court may choose to award maintenance for a fixed amount of time after the divorce has been finalized. In some cases, alimony may be reviewable, and after a certain amount of time, a judge may look at each party's financial circumstances to determine whether any changes should be made to support payments. After a long-term marriage (20 years or more) or in a situation where a spouse may have a disability or other issues that will prevent them from working, maintenance may be awarded on an indefinite basis.

Contact Our Addison, IL Divorce Lawyers

Dealing with the issues that will be addressed in your divorce may involve a variety of difficult financial and emotional challenges. If disputes arise when working to resolve financial matters or make decisions about the custody of your children, you may be unsure what to do next. Fortunately, the team at A. Traub & Associates is here to help. We can work with you to negotiate agreements that will meet your needs, or we can provide you with strong, effective representation in family court.

Experienced legal guidance from a skilled lawyer can make a huge difference in the outcome of your divorce. To get the legal help you need during your case, contact our Addison divorce attorneys today at 630-426-0196 and set up a consultation.