Oak Park Divorce Lawyers for Asset Division

Attorneys Helping With the Division of Marital Property in Skokie, Chicago and Berwyn

When you choose to end your marriage, you will need to address a wide variety of concerns, and reaching an agreement on how to divide the property you own is often one of the most difficult and complex parts of a divorce case. When working to decide ownership of your possessions, accounts, and other assets, an experienced attorney can help you manage the avalanche of legal issues involved in these matters.

At Wakenight & Associates, P.C., we have been working in the area of family law for a combined total of more than 95 years. When addressing issues related to marital property, we will work with you to ensure that all property is divided fairly, providing you with the resources you will need in your post-divorce life.

Dividing Marital Assets and Debts

According to Illinois law, all marital property should be fairly and equitably divided between divorcing spouses. However, this does not mean that everything will be split in half; instead, assets should be allocated to each spouse in "fair and just proportions."

The law does note the difference between marital and non-marital property. Marital property includes any assets or debts that either spouse acquired after getting married and prior to the spouses' legal separation. Non-marital property includes assets owned by either spouse before getting married, gifts or inheritances given to one spouse, or assets excluded from marital property by a prenuptial or postnuptial agreement.

Marital property is subject to equitable division, and this property may include:

• Monetary funds, including both cash and the balances of sole or joint bank accounts
• Retirement accounts or pensions
• Credit card debts in either spouse's name
• Real estate
• Business interests
• Physical possessions, including cars, furniture, appliances, jewelry, artwork, collectibles, or children's toys

In some cases, the division of assets may be fairly straightforward, and spouses may be able to reach an agreement over how their property will be divided. However, there is likely to be some disagreement in these matters, and it is important to be aware of the issues that may arise in high conflict divorce cases, such as hidden assets or the dissipation of assets. In these situations, an attorney can help you understand your rights and work with financial experts to make sure that all assets are discovered, valued, and divided.

In high net worth divorce cases, many additional considerations may come into play, and the ownership of property may also affect matters such as spousal maintenance or child support. Financial appraisals by forensic accountants can ensure that all relevant issues are addressed in a high asset divorce.

Contact Our Chicago Property Division Attorneys

During your marriage, you have worked hard to acquire the assets you own, and you should be able to continue to reap the rewards of your efforts after your divorce. Our attorneys will aggressively advocate for your interests throughout your divorce case, ensuring that you will have the assets you need as you move on to the next phase of your life. To schedule a free consultation and learn more about how we can help you reach a beneficial outcome to your divorce, contact us at 708-480-9651.

From our Oak Park law office, we represent clients in Chicago, Cicero, Berwyn, Maybrook, Skokie, Elmwood Park, River Forest, Riverside, Forest Park, and throughout Cook County.