Property Distribution Attorneys in Kane County
Geneva, IL Division of Assets Lawyers Protecting Your Interests
It is a common misconception that every divorce results in each spouse being entitled to exactly half of the couple's marital property. While such a division may be the standard in other states, that is not the case in Illinois. The law in Illinois is based, instead, on the principle of equitable distribution, which means that each spouse is to be allocated a fair—but not necessarily equal—share of the marital estate. At Olita Law Group, we realize that this can lead to contentious disputes between you and your soon-to-be ex-spouse, and we are ready and willing to help make the process easier for you both.
Establishing the Marital Estate
The division of property in Illinois is essentially a three-step process, although some of the steps can be rather complex. The first step is to determine which assets are subject to division. According to the law, all marital property is to be part of the process, and marital property refers to any asset acquired by either you or your spouse during the marriage, with very limited exceptions. An asset is not marital property if it was acquired as a gift or inheritance, or it was specifically excluded from the marital estate by a valid prenuptial or postnuptial agreement. Our attorneys are skilled at identifying marital property, and even finding hidden assets, should your spouse attempt to be less than forthcoming.
Asset Valuation in Illinois
The second step in the property distribution process is often very complicated, as it involves placing a monetary value on all marital property. We will work with you to generate fair, market-based valuations of your marital assets, employing appropriate experts as needed to assist with appraising real estate, forecasting investment performance, and other complex financial calculations. Once the value of each asset has been established, the final step is to equitably divide the marital estate.
Attorneys for Property Distribution
If you and your spouse have already worked out a reasonable property settlement, the court will not need to be involved in the process, other than to formally approve your agreement. If not, the court must distribute the marital property between you and your spouse in a manner that is fair and just, taking into account:
- Each spouse's contribution to marital estate and its value;
- Any claims of dissipated or wasted assets;
- The value of property assigned to each of you;
- The duration of your marriage;
- The resulting economic situations of both parties following the allocation of property;
- Any spousal or child support obligations from previous relationships;
- Whether spousal support is being awarded or if marital property is being allocated in its place;
- The age, health, occupation, and employability of you and your spouse;
- Arrangements being made for your children;
- The financial impact, including tax considerations, of the property division process; and
- Any other relevant factors.
Hardworking Lawyers with a Personal Touch
At Olita Law Group, we are committed to helping you ensure that your rights are fully protected throughout your divorce. We realize the importance, however, of getting to know you as a person and not just as the name on your case file. By understanding your values and priorities, we will be better prepared to advocate on your behalf at the negotiating table or in the courtroom if necessary.
For a more detailed explanation of our approach to the distribution of property, contact our office today. We will meet with you to discuss your case and answer whatever questions you may have. Call 630-402-0333 to schedule your free consultation. Our firm is proud to serve clients throughout Kane, Cook, DuPage, Kendall, and Will Counties.