Schaumburg Division of Property Attorney

Illinois Asset Distribution Lawyers Advocating for Your Rights

When you get married, you create a foundation with another person. When you divorce, you are left to figure out how to divide what you have both worked so hard to build. Over time, many things merge as you build upon that base, and you need the knowledge and experience of a family law attorney to help you sort things out in an equitable manner. The law office of Anderson Attorneys, P.C. is committed to assisting clients with division of property matters with honesty and integrity.

Defining Marital Property/Assets

Although there are some exceptions, property acquired after marriage is generally considered marital property. Non-marital property may consist of assets acquired prior to marriage or after a legal separation, and it is owned by one specific party. Some examples of non-marital property include:

• Property received as a gift or through inheritance
• Property acquired in exchange for money or property owned before getting married
• Property protected by the terms of a prenuptial or postnuptial agreement

In Illinois, marital assets are not subject to a 50/50 split. The state of Illinois requires an "equitable" split. This means that each party is entitled to a fair portion of the marital estate based on several factors, including:

• Contributions of each party to the marriage
• Estimated future earnings of each party
• Enforceable marital agreements
• Tax considerations and liability
• Child custody and child support
• Maintenance/alimony

There are additional factors, such as the age and health of each party, but our firm is committed to working through every detail to get a favorable outcome on your behalf through mediation or court proceedings.

Determining Ownership of Property

One of the first steps in dividing marital assets is to perform asset characterization. A name on an account does not necessarily denote ownership. We will carefully evaluate the origin and state of each asset.

Common marital assets include:

• Real estate
• Vehicles
• Bank Accounts
• Business interests
• Household furnishings
• Investments
• Retirement funds

When tracing the ownership of each asset, it may be determined that there are marital and non-marital aspects to some assets. The complexity of establishing ownership requires an attorney with extensive experience with property division. Commingled assets, retirement distributions, and extensive investments may compound the issue, but a seasoned attorney will be able to provide an accurate picture of marital assets. We have performed numerous evaluations for our clients, and we can help you protect what rightfully belongs to you.

Assigning Marital Debts

Determining debt responsibility is also part of the division of property. Common debts may include:

• Mortgages
• Bank loans
• Credit card debts
• Vehicle payments

Debts will impact the value of marital property, and it is important to make sure that the terms of each debt are defined in a divorce decree. Regardless of what may be decided in court, creditors and lenders are not required to honor any agreement other than the one originally entered into when a debt was originally created. We will advise you on your financial responsibility, and we will work tirelessly to make sure that you understand what is expected of you financially after your divorce.

For more information on how we can assist you in the equitable division of property, contact us at 847-850-8899 to schedule a free consultation. Our offices are located in Schaumburg, and we assist clients throughout the Chicago area, including Cook County, DuPage County, Lake County, and beyond.