Illinois Property Division Attorneys
DuPage County Lawyers for Property Division Issues in Divorce
The property division attorneys at our firm are well equipped to perform the marital property distribution analysis that is required in a divorce proceeding. One of our attorneys has an accounting background and performs much of the investigative and analytical work at Mirabella, Kincaid, Frederick & Mirabella, LLC. We will do the work necessary to ensure an equitable division of property.
Issues in Marital Property Division
An equitable property distribution in an Illinois divorce is complex. The division of assets can be a highly emotional part of divorce proceedings. Matters such as the value of businesses, real estate property, and antiques and other collectibles are factors to consider when making decisions about how property should be divided between spouses. It may also be necessary to distinguish between marital assets that are jointly owned by both spouses and separate assets that are the sole property of one spouse. Marital property will generally include any assets or debts acquired by either spouse after the couple was married and before a legal separation, and these assets must be fairly and equitably divided between spouses. Separate property may include assets owned by either spouse before the couple's marriage, assets acquired after a legal separation, or property received by one spouse through a gift or inheritance. Each spouse will usually be able to maintain ownership of their separate property.
During the equitable division of marital assets, all marital property will be divided between spouses in "just proportions." While it will not be necessary to divide assets exactly in half, each spouse should receive a fair share of the assets the couple acquired while they were married. Issues such as each spouse's contributions to the marriage, their respective assets and income-earning ability, and their ongoing needs may also play a role in these decisions. Marital debts should also be equitably divided between the spouses. When dividing property, a couple may need to consider the monetary value of different assets, the sentimental or emotional attachments they may have to different items, the financial advantages of owning assets that may increase in value or generate an ongoing income, and the tax consequences of owning or selling different forms of property. With all of these factors to consider, it is important to consult an experienced Illinois divorce attorney to ensure that marital assets can be divided in a way that will protect a spouse's financial interests.
How Property Distribution Is Accomplished
Illinois property division matters usually do not go to trial, although our skilled civil litigators are ready to proceed to trial if needed. When possible, we urge our clients to save themselves the expense of a trial. Through client conferences, conferences before the judge, or trial, we work hard to achieve a fair and equitable property division for our clients.
Contact our knowledgeable Illinois property distribution attorneys at Mirabella, Kincaid, Frederick & Mirabella, LLC at 630-665-7300. We can help navigate the complexity of Illinois equitable distribution laws.