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IL divorce lawyerWhen legally ending a marriage in Illinois, couples are required to divide their marital assets in an equitable manner. This makes the determination of whether an asset is marital or separate extremely important, so if you and your spouse are contemplating divorce and you have questions about whether you will need to share a certain asset, it is important to speak with an experienced Lombard, IL property division lawyer who can help you.

Separate vs. Marital Property

In Illinois, the date of a couple’s marriage is usually used to differentiate between the separate and marital assets of two parties. Generally, anything that one spouse owned before marriage will remain his or her property even in the event of divorce. On the other hand, anything purchased or acquired after a marriage takes place, whether by one spouse or by both spouses together, is considered marital property and must be divided in an equitable manner.

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IL divorce lawyerThe divorce process can be challenging for a number of reasons. Not only are two spouses making the difficult decision to end their marriage, but they will also have to navigate the legalities of a divorce. In the state of Illinois, marital assets are to be equitably divided between spouses during a divorce. It should be noted that this does not mean that both spouses will receive half of all assets. In order to ensure a healthy financial future for you and your family after your divorce, it is important to work with an experienced legal professional throughout the divorce process.

Asset Division in Illinois

As mentioned above, Illinois is an equitable division state, as it pertains to marital assets. This means that through careful consideration of a number of factors, the court will divide the assets in a fair manner. These factors include each spouse’s contribution to marital assets, the non-marital assets of each party, the duration of the marriage, the economic standing of both spouses, the presence of child support from a previous marriage, future income potential, and how child custody is awarded. In some cases, the court may order one party to pay spousal maintenance to the other party, even after equitably allocating marital assets.

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IL divorce lawyerOn an annual basis, thousands of Americans make the difficult decision to pursue a divorce. A divorce can be an emotionally turbulent process. Without proper planning and competent legal guidance, one can come out of a divorce in less than ideal financial standing. As you prepare for the divorce process, it is critically important to speak with your legal team regarding the aspects of your separation, that are most important to you.

Crucial Factors in Divorce Litigation

Throughout your divorce, you need to understand the way in which certain aspects of your divorce can seriously impact your future. Fortunately, a quality legal team can help you smoothly navigate these issues.

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Illinois divorce lawyersOf all the assets that a couple owns, the family home is often the most valuable. Unfortunately, the recent recession and nation’s lagging recovery has left many homeowners upside down in their mortgages. This can result in significant issues for couples going through a divorce. Thankfully, there are still options. Learn more with help from the following information on how to deal with the family home in divorce if you owe more than what it is worth.

Deed and Title Transfer “Buy-Out”

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In certain situations obtaining financial records from your spouse may be difficult. He or she may be hiding their true income or assets - that is especially true for people who are self-employed. In order to obtain financial documents from your spouse we first have to issue discovery - which is a request made to your spouse to provide us with his or her financial documents. If they do not comply with the request, or if you think there are additional documents that should have been produced, we can also issue subpoenas, file motions to compel discovery and schedule depositions. Although this process can be time-consuming, it's very important to complete it as it will have a tremendously important impact on the division of assets, setting of support or maintenance.

phone630-953-3000
fax844-272-5935
address2200 S. Main Street, Suite 317, Lombard, IL 60148
hoursEvenings and Weekends by Appointment