Divorce Attorneys Helping Clients with Division of Marital Property in St. Charles, Barrington Hills, and Geneva
Divorcing couples tend to fight about money and property more than almost any other issue. During a marriage dissolution, division of property is often one of the major points of contention. In Illinois, the division of marital assets is not automatically 50/50. The law calls for “fair and equitable” distribution of assets. Deciding what is a “fair and equitable” asset division is often the subject of much debate. If you are considering a divorce, you need a seasoned attorney by your side working hard to ensure that you receive your fair share of the marital estate.
At the Law Office of Vogel & Mourelatos, LLC, we have helped hundreds of clients with asset division and other complex divorce issues in Kane County and throughout the Chicago area. Our lawyers have over 30 years of combined family law experience, and we have extensive knowledge of the financial issues that often arise during a divorce proceeding. We are skilled in forensic accounting and hidden assets, and we can thoroughly examine the tax implications of the divorce, so there are no hidden surprises after the divorce is finalized. We will handle your case in a caring and professional manner, so you can focus on getting through this difficult time and move forward with your life.
Asset Division in Illinois
The process of dividing the marital estate is one of the most complicated aspects of the divorce proceeding. The first step is to identify which property is considered “marital” and which is considered “non-marital”. In general, assets and debts that the spouses acquired before they were married or after they were legally separated are considered non-marital property, while assets and debts that the couple acquired while they were married are considered to be marital property.
There are some exceptions to this general rule, however. For example, gifts and inheritances received during the marriage are still generally considered non-marital property. On the other hand, the home the couple lived in is often considered marital property, even if it was purchased before the couple was married. Retirement benefits are usually part of the marital estate, although this can become complicated if the account was opened prior to the marriage, but the majority of the assets within the account were accumulated during the marriage.
Once the marital and non-marital property have been identified, it must be valued and divided by the court. Valuation of marital assets can be a challenging task, especially in high net worth divorces. For example, family-owned businesses may require an outside evaluator, and complex investments such as commercial real estate may require an independent appraiser.
Because the marriage dissolution process can take several months, courts typically order the spouses to refrain from:
Speak With a Skilled St. Charles Asset Division Lawyer
There are numerous factors the court considers in deciding how marital property is divided. At the Law Office of Vogel & Mourelatos, LLC, we work closely with clients to thoroughly assess all relevant factors and negotiate an asset division agreement that is fair, equitable, and fully protects our clients’ interests.
For an initial consultation with one of our experienced attorneys, contact our office today at 847-428-7725. We serve clients in Kane County, McHenry County, DuPage County, Cook County/Rolling Meadows, Algonquin, Barrington, Barrington Hills, Batavia, Bull Valley, Burlington, Campton Hills, Carpentersville, Cary, Crystal Lake, Dundee, East Dundee, Elgin, Geneva, Lake in the Hills, Pingree Grove, St. Charles, South Elgin, West Chicago, West Dundee, Woodstock, and the surrounding Illinois communities.