Lombard, IL Property Division Attorneys

Knowledgeable Lawyers Assisting With the Division of Marital Property in Lombard, Illinois

Dividing property during your divorce can be one of the most complex aspects of your case. The process of negotiating a property settlement can also be emotionally charged due to the sentimental attachments that you and your spouse may have toward certain items, as well as the issues that led to the breakdown of your relationship. You will need to understand what is considered marital property and how different types of assets can be distributed fairly. To make sure your interests will be protected, you will need to make sure you are represented by an experienced divorce lawyer.

At A. Traub & Associates, we provide guidance in divorce cases in Lombard and DuPage County, and we can help you address issues related to the division of marital property with confidence. Whether your case involves contentious disputes or high-value assets, or you simply want to make sure you will have the financial resources you need in the future, our attorneys will provide the strategic guidance you need.

Types of Property Addressed During a Divorce

Illinois law states that marital property should be divided fairly and equitably between divorcing spouses. This means that all property and debts acquired during the marriage must be divided fairly, but an equal division is not required. Assets and liabilities that may be addressed in a divorce include:

• Real Estate: You may need to determine how ownership of your marital home will be handled, as well as any other property you own, such as vacation homes, rental properties, and undeveloped land.
• Business Interests: Family-owned businesses, professional practices, or shares in closely held companies will need to be addressed. A business valuation can ensure that you and your spouse fully understand how much business interests are worth.
• Retirement Accounts: You or your spouse may have 401(k) plans, pensions, IRAs, and other investment-based retirement savings. Taking the right steps to divide these assets can help you avoid unnecessary taxes or penalties.
• Financial Accounts and Investments: You will need to determine how to handle shared bank accounts, other financial accounts, and stocks, bonds, and other securities.
• Personal Property: You may need to make decisions about the ownership of vehicles, jewelry, collectibles, household furnishings, and any other items you own.
• Debts and Liabilities: Any debts you have accrued during your marriage, including credit card balances, mortgages, and other loans, will need to be addressed during your divorce.

Marital vs. Non-Marital Property

The marital property that you and your spouse own together must be divided during your divorce. Marital assets and debts include anything acquired by either spouse during your marriage. Even if only one spouse's name is on the title to property or on a financial account, it will usually be considered a marital asset that will need to be addressed during your divorce.

Non-marital property includes any assets that either spouse owns separately. This mostly consists of assets a spouse owned before getting married. However, gifts or inheritances received by one spouse during the marriage will usually be considered non-marital property. A prenuptial or postnuptial agreement may also be used to specify which assets are considered to be marital or non-marital.

Addressing Commingled Assets

In some cases, non-marital property can become combined with marital property through commingling. For example:

• Marital funds may be used to pay the mortgage on a home that one spouse owned before getting married.
• A spouse may deposit inheritance money into a joint account and use it for shared expenses.
• Marital funds may be used to increase the value of a spouse's separately owned assets, such as making improvements to a home or investing money in a business.

When commingling occurs, the court may determine that part or all of a non-marital asset has become marital property. If one spouse contributed toward the increase in value of the other spouse's non-marital property, they may be reimbursed for these contributions. Our attorneys will work to trace and document the origins of commingled assets to ensure that our clients' financial interests are fully protected.

Contact Our Lombard, IL Property Division Lawyers

The decisions made about property division during your divorce can have a lasting impact on your financial security. At A. Traub & Associates, our lawyers can work with you to help you gain a full understanding of all the financial concerns that will need to be addressed during your divorce. We will work to help you achieve your goals so that you will be in a position where you can succeed as you move on to the next stage of your life. Contact our Lombard asset division attorneys by calling 630-426-0196 to schedule a consultation.