Elmhurst, IL Property Division Attorneys

Skilled Lawyers Helping to Divide Marital Property in Elmhurst Divorces

The division of property in a divorce can have a major impact on each spouse's financial security and future livelihood. Real estate, business interests, and retirement funds can all be subject to property division under state law. Though distinguishing between marital and non-marital property can sometimes complicate the divorce process, Illinois law generally requires a thorough examination of any property accumulated during a couple's marriage.

Factors such as each spouse's future needs, their contributions to the marriage, and their current financial circumstances may be considered by the court, and these issues could affect the equitable distribution of assets. Spouses who are going through a divorce will most likely need thorough valuations of property in order to achieve fair outcomes.

At A. Traub & Associates, our lawyers can help to identify and manage the issues related to property division that will need to be addressed in a divorce in Elmhurst. We can provide support at every stage of the divorce process, offering strategic guidance on how to resolve complex legal and financial issues. Our goal is to defend what matters most to you and to employ strategies tailored to your unique goals and needs.

Defining Marital and Non-Marital Property in Illinois

It should come as no surprise that one of the most contentious aspects of property division in divorce is deciding which assets need to be divided. Regardless of who made the purchase or whose name is on the statement, property purchased after the wedding and before the date of separation is legally owned by both spouses. In addition to assets that have been acquired, debts that have accumulated during the relationship will also need to be addressed.

Assets owned before marriage, gifts received or inherited during the marriage, and property protected through prenuptial or postnuptial agreements are considered non-marital property that will not be divided during divorce. Since marital and non-marital property can become commingled during a marriage, classifying assets can sometimes be difficult. A home that was bought or owned by one spouse before marriage, for example, can be considered marital property if both spouses made mortgage payments or improvements to the property throughout the marriage.

Our attorneys are skilled at tracing assets, analyzing financial records, and identifying commingling. We can help you stay aware and ahead of potential disputes by ensuring that all property is accurately classified.

Types of Property Eligible for Division During Divorce

No two marriages are the same when it comes to the types of property that will need to be divided. It is crucial for each spouse to have a comprehensive understanding of the property they own and the value of assets being divided. Our attorneys can help you determine how to divide both tangible and intangible assets, including:

• Debts: Both spouses may be responsible for mortgages, tax obligations, personal loans, credit card balances, and other financial liabilities incurred during marriage.
• Business Interests: Business valuations will typically be needed if you or your spouse own a business. You may need to reach an agreement regarding business asset division, which may include selling ownership interests or buying out the other spouse's share of a business.
• Residential and Commercial Property: Family homes, vacation homes, rental properties, and other real estate properties can be valuable marital assets. Appraisals are usually necessary to determine a property's market value. You may take steps to sell a property or decide who will retain sole ownership.
• Retirement Benefits: Pension plans, Individual Retirement Accounts (IRAs), and 401(k) accounts are just a few examples of assets that can be relevant to someone's future. Qualified Domestic Relations Orders (QDROs) may be necessary to avoid tax penalties when dividing retirement assets.
• Luxury Items: Boats, cars, motorcycles, electronics, furniture, and jewelry can all hold sentimental or financial value. Appraisals may be required in order to ensure a fair division of these assets.
• Financial Assets: Certificates of deposit (CDs), joint and individual savings and checking accounts, and other tangible assets will need to be allocated between spouses.
• Investment Interests: You may need to consider the potential tax consequences when assessing and dividing bonds, stocks, mutual funds, and other investments. Financial experts can help evaluate the value of various investment accounts and make sure the proper steps are followed when transferring assets.

Contact Our Elmhurst, Illinois Asset Division Lawyers

Issues related to marital property can add to the tension involved during the divorce process. Assets that have sentimental or financial value may lead to disputes that can be difficult to resolve. At A. Traub & Associates, our lawyers can help address the legal and financial challenges related to marital property that may arise during your divorce. We will work to protect what matters most to you and help you make informed decisions. Contact our Elmhurst, Illinois property division attorneys at 630-426-0196 to schedule a consultation.