Dividing property and debt in a divorce has a lasting and significant impact. When divorcing spouses disagree, failing to split debt and property fairly can have serious consequences. You need help identifying, valuing, and categorizing your marital assets and liabilities to make informed decisions.
Property and debt division in a divorce, especially a contested divorce, can have the single largest impact on your long-term quality of life. If children are involved, getting the this part right is even more important.
You may think you know what is martial versus nonmarital property and debt, but many get this wrong going into a divorce and are surprised to find what they that was true is actually the opposite.
Illinois distinguishes between marital and nonmarital property. We will comb through each asset not just to identify all marital assets, but to determine their true value, and if there are any hidden assets.
If your goal is settlement, we will fight for it. If your goal is litigation, we will fight for you. And we will help you figure out which is right if you’re unsure.
Homes, rental properties, vacation properties, mortgages, and equity
Pensions, 401(k)s, IRAs, brokerage accounts, and other investments
Ownership interests, closely held companies, partnerships, and professional practices
Cash accounts, vehicles, valuable collections, furnishings, and other property
Credit Card, personal loans, vehicle loans, and lines of credit
Unexplained withdrawals, transfers, incomplete disclosures or disputed valuations
Equitable division is often misunderstood. Couples starting the divorce process usually believe that the split will be 50/50. If you’re thinking your divorce will be uncontested divorce and both parties agree on a 50/50 split, then the process is usually straightforward.
If your Illinois divorce is contested, then you can think of equitable division as the attorney’s and courts best attempt ad dividing assets and debts equally between the two parties based on a number of factors
An analysis is done to determine what that equitable division looks like. Both parties may agree early on. If their is disagreement, mediation (negotiations between the divorcing couple with a third party mediator) or litigation (going to court with your lawyers) will be used to define the agreement.
