Glendale Heights, IL Divorce Lawyers

Attorneys Assisting With Property Division, Alimony, and Other Divorce-Related Issues in Glendale Heights, Illinois

The process of ending a marriage can be complicated. In addition to making decisions about property and finances, deciding where each spouse or their children will live, and following legal procedures, a person may also struggle with emotional issues related to the breakdown of their relationship. This can make the situation even more difficult, especially if there is conflict between the spouses. An experienced divorce lawyer can provide guidance on how to handle legal concerns, and they can work with a client to resolve any disputes that may arise.

At A. Traub & Associates, our attorneys help clients in Glendale Heights address divorce-related issues. Whether a situation is relatively straightforward or involves substantial assets, contested issues, or high levels of conflict, we can advise clients on how to complete the divorce process efficiently while resolving legal disputes and protecting their rights.

With our years of courtroom experience and our understanding of the laws that apply in divorce cases in Illinois, we can help our clients create strategies for success as they proceed with the divorce process. We will take the time to learn about a client's financial situation, their family dynamics, and their goals, and we will work to ensure that any issues that may arise will be addressed correctly. Whether a case can be resolved through negotiation or will require litigation in court, our attorneys will take steps to protect our client's interests at all times.

Dividing Property During Divorce

Many of the financial concerns that will arise during a divorce will be related to the division of marital property. In Illinois, divorcing couples are not required to split their property evenly. Instead, marital assets and debts will be allocated between spouses fairly based on factors such as each spouse's income and financial resources, their contributions to the marriage, and their future financial needs.

Couples will need to determine whether different assets are marital property that may be divided or non-marital assets that are the sole property of one spouse. In general, anything either spouse purchased or acquired during their marriage is considered to be marital property, while assets owned by either spouse before the couple's marriage will be non-marital property. Some of the most common assets that may be addressed in a divorce include:

• Real Estate: Decisions about ownership of a couple's home may need to be made. The property may need to be appraised to determine its current value, and the spouses may decide to sell the property, or they may make arrangements for one spouse to be the sole owner.
• Retirement Accounts: Pensions, 401(k) plans, and IRAs may need to be considered, and the proper steps must be followed when dividing these assets. Specific types of court orders can be created to withdraw or transfer funds in retirement accounts without triggering penalties or taxes.
• Business Interests: A business that was founded while a couple was married may need to be addressed during a divorce. If one spouse owned a business before the couple was married, the other spouse may have made contributions to the business that caused it to increase in value, and they may be reimbursed for these efforts or investments. A business valuation can ensure that spouses understand what a business is worth, and they can determine whether to sell the business, have one spouse assume sole ownership of the business by buying out the other spouse, or continue to co-own the business after completing the divorce process.

Unique Issues in High Net Worth Divorce Cases

Couples who own significant assets may encounter issues that would not play a role in other types of divorces. A high net worth divorce may involve multiple residential or commercial real estate properties, investment portfolios, businesses, or complex forms of executive compensation that include stock options or deferred bonuses. Determining the full value of a couple's assets may require assistance from business valuation experts, forensic accountants, real estate appraisers, or other professionals.

In some high asset divorce cases, one spouse may attempt to conceal assets or undervalue property as a way of unfairly influencing the division of property. Our attorneys can help uncover hidden accounts, undisclosed income, or assets that have been transferred to other parties. We can determine whether asset dissipation has occurred and address this issue in court so that our client's interests are protected.

A prenuptial or postnuptial agreement may also be a factor in a high net worth divorce. A person who owned substantial assets before getting married may have used a prenup to ensure that they could maintain ownership of non-marital property. When a spouse started a business or a couple acquired significant assets during their marriage, a postnup may have been created to detail how ownership of assets would be handled in a divorce. Our lawyers can review prenuptial and postnuptial agreements to ensure that they are valid and enforceable, and we can determine how these agreements will affect the decisions made during a divorce.

Addressing Issues Related to Spousal Maintenance

There are some situations where a person may need financial support after separating from their spouse. Spousal maintenance will usually only be awarded if a spouse has a demonstrated financial need and will be able to fully cover their living expenses without assistance from their former partner. That is, if the income earned by one spouse is much larger than the other spouse's income, the spouse who earns more may be required to make ongoing payments to ensure that the other party can meet their ongoing needs.

When determining whether to award spousal support, courts may look at the income that each spouse currently earns, factors that may affect each party's ability to find or maintain employment, the property awarded to each party, and other factors that may affect each spouse's financial situation. A spouse who provided support for their partner, such as by handling household responsibilities while the other spouse was focusing on their career, or who made sacrifices to support the family, may be able to receive ongoing financial support. This can help ensure that their needs will be met, and it may also help them take steps to support themselves in the future by pursuing an education or building work experience.

Contact Our Glendale Heights Divorce Lawyers

Since a divorce will affect nearly every part of your life, you will need to make sure you take the right steps to address the legal issues involved in your case, make decisions that will protect your financial interests, and address potential disputes. The lawyers at A. Traub & Associates can provide the legal help you need during your case. In addition to addressing concerns related to your assets and debts, we can advise you on whether spousal maintenance may be awarded, and we can help you reach agreements on issues related to child custody. Set up a consultation by calling 630-426-0196 or contacting our Glendale Heights, IL divorce attorneys online.