Rolling Meadows Property Division Attorney

Divorce Lawyers in Rolling Meadows Helping Spouses Divide Their Property Assets

During a divorce, there are a variety of financial issues that can affect both spouses. Many of these issues will be related to the property a couple owns and how it will be divided. Property division is one of the most pivotal aspects of a divorce, and it can significantly impact the financial future of both spouses. Under Illinois law, there should be an equitable distribution of assets. This does not necessarily mean an equal split, but it does require the division to be fair while considering the financial issues that will affect both parties. Understanding how issues related to marital property will be handled can help divorcing spouses make informed decisions while taking the correct measures to protect their financial interests.

Ann O’Connell Law, Ltd. provides dedicated, experienced legal help to spouses who are going through the divorce process. We work to make sure our clients fully understand how the laws in Illinois will affect issues related to their property and finances, ensuring that they can make the right decisions that will allow them to meet their ongoing needs. We work to resolve property-related disputes effectively by negotiating agreements whenever possible or advocating for our clients in the courtroom.

Types of Property to Address in an Illinois Divorce

In general, the property that will be addressed during a divorce will fall into one of two categories:

• Marital property: This includes all money, physical property, or financial assets that either spouse acquired during the marriage, regardless of whose name is on the title. It may include real estate, vehicles, bank accounts, investments, retirement accounts, family businesses, and personal property. All marital assets must be divided during a divorce, with each party receiving a fair and equitable share of the marital estate. Debts acquired during the marriage will also need to be addressed and divided between spouses.
• Non-marital property: This refers to assets owned by either spouse before the couple was married or that were acquired after a legal separation. It will also include property obtained through inheritances, gifts, or certain legal settlements during the marriage. A prenuptial or postnuptial agreement may also state that certain assets are non-marital property that belongs solely to one spouse. Non-marital property is typically not subject to division during a divorce. However, it may be considered during the divorce process, since it may affect the financial resources that will be available to each spouse.

Factors Influencing Property Division

Spouses may be able to negotiate settlements and make decisions about who will own which assets and who will be responsible for certain debts. They may use mediation to do so. However, if agreements cannot be reached, these matters may be resolved in court. There are several factors that may determine how marital assets can be divided equitably:

• Duration of the marriage: During longer marriages, couples may acquire extensive assets, and their finances may become intertwined. This can complicate issues related to asset division.
• Each spouse's contribution: A court may consider the income earned by either spouse that was used to acquire assets, as well as other contributions to the marriage, including managing household responsibilities, making improvements to the family home, or caring for children.
• Economic circumstances: The court will look at each spouse's economic situation at the time of the divorce, including their current income and expenses, their earning potential, and their future financial needs.
• Child-related concerns: The needs of children can influence the distribution of property, and certain assets, such as the family home, may be awarded to the parent who will have the majority of the parenting time.
• Agreements between spouses: A prenuptial or postnuptial agreement may have made decisions about how assets will be divided. The terms of these agreements will usually be followed unless they are highly unfair to one party.
• Tax consequences: The potential tax implications of asset division must be considered to ensure that both parties understand how they could be affected in the future.

Contact Our Rolling Meadows, Illinois Asset Division Lawyer

Property division is among the most important issues that will be addressed in an Illinois divorce. At Ann O’Connell Law, Ltd., we can help determine how different types of assets may be handled, and we can work to negotiate agreements that will meet our client's needs. If necessary, we can provide representation in court, advocating for solutions that will protect our client's interests. To arrange a free consultation and learn more about how we can help address and resolve concerns related to assets and debts, contact us at 847-859-6222.