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Rolling Meadows Property Division Lawyer

Elk Grove Village marital property division attorney

Attorneys for Division of Marital Assets in Mt. Prospect and Wheeling

If your marriage has broken down, and you are preparing for divorce, addressing the various aspects of your life that must be separated from your ex-spouse can be a monumental, stressful task. One issue that can be especially difficult and which can generate a great deal of conflict is the division of the property that the two of you own.

When you are looking to divide your marital property, you need a skilled lawyer on your side to ensure that your rights and best interests are protected. At A. Traub & Associates, we can help you negotiate a settlement that meets your needs and protects your financial interests. We will work with you to reach an amicable solution to your disputes, and if necessary, we will advocate for you in the courtroom.

Equitable Distribution of Marital Property

Many people believe that the property a couple owns should be split "down the middle," with 50% of the assets going to each spouse. However, this is often not the case in Illinois. The state uses an "equitable distribution" model when dividing marital property. This means that property should be allocated between spouses in a manner that is fair and equitable, which is not necessarily an equal split.

A couple may be able to reach an agreement on how to divide their property through negotiation or mediation, but if they are unable to do so, the judge in their divorce case may make these decisions for them. When doing so, they will take a variety of factors into consideration, including:

  • Each spouse's economic circumstances, such as the income they earn and their ongoing financial needs.
  • Whether it is desirable to award the marital home to the spouse who will have the majority of the parenting time with the couple's children.
  • Any obligations or rights that a spouse has from a previous marriage, such as child support or spousal support.
  • Decisions made during divorce about spousal maintenance. For example, a greater proportion of the couple's marital property may be allocated to one spouse in lieu of receiving ongoing maintenance payments.
  • Whether the spouses signed a prenuptial or postnuptial agreement or if they made any other agreements related to property ownership.
  • Whether either spouse wasted marital funds or property (known as "dissipation of assets"). In these cases, the spouse who has dissipated assets may be required to pay reimbursement to their former partner.

Notably, these laws only apply to marital property, which is defined as any assets or debts that were acquired by either spouse after the couple was married and before their legal separation. This property can include tangible assets, such as cars, furniture, clothing, collectibles, or the marital home, or intangible assets, such as savings accounts, investments, business interests, retirement funds, or pensions.

Non-marital property is not subject to division during divorce, and it will continue to be owned by the spouse who originally acquired it. This property may include any assets owned by either spouse before getting married or property received by one spouse as a gift or inheritance. 

Contact a Palatine Asset Division Attorney

The property you own can have both financial and emotional value, and determining how to fairly divide this property with your ex-spouse can be an incredibly complex task. During your divorce, you will not only want to ensure that you will be able to keep the things that are important to you, but you will want to be sure you can maintain financial security as you move on to the next stage of your life. Our skilled divorce lawyers can provide you with the legal help you need as you work to reach a property settlement, helping you reach a positive outcome to your case that will prepare you for success once your divorce is complete.

To arrange a confidential consultation, contact us today at 847-749-4182. We assist divorcing spouses with asset division in Rolling Meadows, Arlington Heights, Palatine, Mount Prospect, Inverness, Schaumburg, Wheeling, Elk Grove Village, Buffalo Grove, Des Plaines, Hoffman Estates, Long Grove, and throughout Northwest Cook County.

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