Glen Ellyn, Illinois Property Division Attorneys

Lawyers Helping Spouses Divide Marital Property in Glen Ellyn

The division of property is one of the most important aspects of any divorce. This process will involve a thorough examination of everything the couple has accumulated during their marriage, the classification of items as marital or non-marital assets, and the fair distribution of property according to Illinois law. The decisions made about property division during the divorce process can shape a person's future well beyond the end of their marriage.

Courts may consider a variety of factors to ensure that property division is fair and equitable, including each spouse's contributions to the marriage, their financial circumstances, and their needs moving forward. However, the process can become complicated due to disputes over ownership, disagreements about property value, or concerns about commingled assets.

The attorneys at A. Traub & Associates work with clients in Glen Ellyn to address all aspects of property division during divorce. From identifying and classifying assets to determining their value and negotiating settlements, we can provide strategic guidance during every step of the divorce process. We recognize that the goal of property division is to preserve what matters most to each client. Whether the goal is to keep the family home, retain ownership of a business, or ensure a fair share of retirement savings, we can craft strategies that are based on a person's specific needs and goals.

Distinguishing Between Marital and Non-Marital Property

When addressing issues related to property, one of the first issues to address will involve determining which assets will need to be divided. Only marital property will be divided between spouses during a divorce. This property will include the assets and debts a couple has acquired during their marriage. Items purchased after a couple's wedding and before the date of a legal separation are considered to be jointly owned by the spouses, no matter who purchased each item, how assets are titled, or whose name is on an account.

Non-marital property consists of assets that are separately owned by spouses. These assets will remain with their original owner, and they will not be divided during a divorce. They may include:

• Assets a person owned before they got married
• Property received as gifts or through inheritances during the marriage
• Assets excluded from marital property by a prenuptial or postnuptial agreement

The classification of property is not always straightforward. Commingling can occur when non-marital property is mixed with marital property in a way that makes it difficult to separate. For example, if one spouse owned a home before the marriage, but both spouses used their incomes to make mortgage payments or worked together to make improvements to the property, the home may be partially or fully considered marital property.

Our lawyers can help clients trace assets, analyze financial records, and identify when commingling has occurred. We will present clear, evidence-based arguments to support the accurate classification of assets and ensure that a person's non-marital property will be protected.

Types of Property to Address in a Divorce

Every divorce is different, and the types of property that a couple may own can vary widely. Property division may address a combination of tangible and intangible assets, and in some cases, professional valuations may be required to ensure that both parties have a complete understanding of the value of different assets.

Our attorneys can help clients understand how to approach the division of assets such as:

• Real Estate: A couple's family home can be a valuable asset, and in some cases, spouses may also own vacation properties, rental properties, or undeveloped land. Appraisals can be performed to determine the current market value of different properties. A couple will need to decide whether to sell property or whether either spouse will maintain sole ownership.
• Bank Accounts and Cash Assets: Joint and individual checking and savings accounts, certificates of deposit (CDs), and other liquid assets must be identified, and they may need to be allocated between spouses.
• Investment Accounts: Stocks, bonds, mutual funds, and other types of investments may need to be assessed by financial experts, and a couple will need to consider the potential tax consequences of dividing these assets.
• Retirement Accounts and Pensions: 401(k) plans, IRAs, pensions, and other retirement assets are likely to be important assets that will provide resources for a person in the future. These assets may be divided between spouses using Qualified Domestic Relations Orders (QDROs) or similar instruments to avoid tax penalties.
• Business Interests: If one or both spouses own a business, a business valuation will usually be necessary to determine its value. Spouses can take steps to determine how business assets may be divided, whether one spouse will retain sole ownership, or whether the business may be sold.
• Vehicles and Personal Property: Cars, boats, motorcycles, furniture, electronics, jewelry, and other property owned by a couple may need to be appraised to determine the value of each asset and ensure that they can be divided fairly.
• Debts and Liabilities: Mortgages, credit card balances, personal loans, and tax obligations may need to be addressed during the divorce process. Both parties may be held responsible for debts incurred during their marriage.

Contact Our Glen Ellyn, IL Marital Asset Division Lawyers

Issues related to marital property can be complicated as a couple works to complete the divorce process. When a case involves valuable or complex assets, disagreements between spouses can be difficult to resolve. The attorneys at A. Traub & Associates work with clients to address the legal and financial challenges that may arise when dividing marital property. We provide guidance to help our clients make informed decisions while protecting what matters most to them. Contact our Glen Ellyn asset division attorneys at 630-426-0196 to arrange a consultation.