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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 lawyerFor many couples, the family home is their most valuable asset, which can make deciding the fate of that residence especially complicated in the event of divorce. Fortunately, couples do have a number of options when it comes to deciding who gets the family home in the divorce, options that will depend largely on a specific set of questions, so if you and your spouse have decided to end your marriage, you should speak with an experienced property division lawyer in Lombard, IL who can evaluate your circumstances and advise you accordingly.

Is the Home Marital Property?

One of the most important questions that divorcing couples must address when going through the property division process is whether their home qualifies as marital property. Under Illinois law, a couple’s property is only subject to equitable distribution if it was acquired after the marriage took place. Otherwise, the asset will be considered separate property and remain in the sole possession of the original owner.

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IL divorce lawyerDespite the fact that approximately half of all marriages end in divorce, many American couples believe that a divorce is entirely impossible for them and their spouse. Unfortunately, divorces are just a natural way of life. Whether brought on by dishonesty, financial issues, or differing philosophies on how to raise children, divorces are incredibly common throughout the United States. Yet still, the vast majority of couples fail to put any preliminary plan into action to prepare for the possibility of a divorce. Below we will define and examine what a prenuptial or postnuptial agreement could mean for you and how your attorney can assist you in crafting a premarital or postmarital agreement.

What Are Prenuptial and Postnuptial Agreements?

A prenuptial agreement is an agreement made prior to the marriage. This agreement usually determines how various issues such as allocation of marital assets and property will be resolved in the event of a marriage dissolution (death, divorce, etc.). A prenuptial agreement is increasingly important in a marriage in which one party is entering the marriage with a significant amount of resources, such as another property or a business developed prior to the marriage. Prenuptial agreements are also often crafted in circumstances in which a person is entering a marriage with children from a prior marriage. The prenuptial can dictate that a significant amount of their assets will be passed down to their children rather than just their soon-to-be spouse. A postnuptial is a comparable agreement, the only difference is that a postnuptial is crafted after the wedding is official and the couple is married.

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address2200 S. Main Street, Suite 317, Lombard, IL 60148
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