DuPage County Divorce Attorneys Assist With Property Division
In Illinois divorce cases, property is divided according to the law of equitable distribution. This means that a couple's property and assets are not necessarily divided 50-50 throughout the course of a divorce. The assets and property accumulated during the course of the marriage will be divided as fairly and equitably as the court believes is just and right.
At the law office of Andrew Cores Family Law Group, our DuPage County divorce lawyers are dedicated to helping individuals through the marital property division process. We structure our advice and guidance in order to help clients see the short term and long term benefits and drawbacks of divorce asset protection and property division.
Determining How to Divide Property Fairly
Even though you and your spouse will not be required to divide property in portions that are exactly equal, you will still want to make sure you will be able to own sufficient assets so that you will have the financial resources you need following your divorce. Some of the most important forms of property to address will include items you use in your everyday life. These may include your home, vehicles, furniture, and valuables such as artwork or collectibles. As you and your spouse work to negotiate a settlement that will detail who will own what property, you may use mediation or other methods to reach agreements. Ultimately, you will want to make sure you receive an equitable share of your assets while understanding the tax consequences of the decisions you make and other ways you may be affected in the future.
Your homes and physical possessions are not the only types of assets that you may need to address. Below are some of the types of monetary assets and accounts that may be divided between you and your spouse during your divorce:
- Pensions
- Retirement accounts, including 401Ks and IRAs
- Stocks and bonds
- Business interests
- Social Security disability benefits
- Life insurance
Marital Debts May Also Be Subject to Division
The debt that is accumulated by the two parties throughout the course of a marriage may also need to be considered during the property division process. This eliminates the possibility that the burden of carrying the debt will be placed on one party. We strive to help clients understand how to address marital debt division and how this may factor into other aspects of property division. Our firm can also explore the possibility that you may not be liable for a debt that was incurred by your spouse for their sole benefit instead of for the both of you, such as certain types of credit card purchases.
Contact Our Wheaton Property Division Lawyers
To learn more about how we can help you address property division matters during your divorce, call the DuPage County or Kendall County law offices of Andrew Cores Family Law Group at 630-407-1225 or contact us through this website with any questions you may have. We will provide you with a free consultation, and we will advise you on the best steps you can take to protect your interests as you work to end your marriage.
