Illinois Division of Property Attorneys
Whether you plan on getting a divorce or have already begun the divorce process, there are two major factors that must be taken into consideration, as it concerns division of property in divorce deciding on what is marital property and what is not-marital property.
Not only are bank accounts, retirements funds, stock options and marital debts taken into consideration in division of property matters, but a family-owned business could also be subject to property division. Our law firm has experience with business valuation and works with professional business evaluators and accountants, to ensure your financial interests are protected in all divisions of property matters.
The division of property in the divorce process can often be very complex and challenging. The attorneys at The Law Offices of Umberto S. Davi, PC can help you understand how the Illinois Marriage and Dissolution of Marriage Act views property in order to assist you in understanding your rights and negotiating an equitable settlement. Our attorneys are well versed in dealing with complex cases of property division, including cases exceeding wll over one million dollars and those necessitating forensic accounting.
Experienced Marital & Non-Marital Property Attorney
In most cases, any property acquired during marriage is considered marital property, which is subject to property division. There are some exceptions to this rule. For example, if you received property from an inheritance or as a gift during marriage, these assets would not be considered marital property. If you signed a prenuptial agreement to designate yourr individual assets and they were treated as separate entities throughout the marriage, then those assets are considered to be non-marital property.
Since Illinois is an “equitable distribution” state, the court will divide marital property based on what it deems to be “fair”, not on what it deems to be “equal”.
Whether your case is simple or complex, The Law Offices of Umberto S. Davi, PC will help you account for all of the property that is subject to division and/or allocation. If you believe that your spouse is hiding property, we can pursue discovery mechanisms that will help reveal any hidden assets. All property must then be categorized as marital or non-marital. Marital property is acquired during the course of the marriage. Non-marital property is acquired prior to the marriage or during the marriage as a lift or inheritance. Property categorizing all the assets of that marriage is critical as marital property is equitably divided between spouses, whereas spouses non-marital property remains with the acquiring party.
After all property has been identified and categorized, it needs to be assinged a value. While sometimes that value is very simple to determine, such as with a bank account, other times the determination of an item’s value can require the use of expert’s skill and experience.
Once all property has been accounted, categorized, and valued, only then will the Court equitable divide the parties assets. Equitable does not necessarily mean equal. The Court will review several factors pursuant to the Illinois Marriage and Dissolution of Marriage Act to determine what would be fair, given the spouses’ unique and particular situation. The Law Offices of Umberto S. Davi, PC is able to help you determine how these many factors apply to your unique situation. Our firm is dedicated to ensuring that the rights of our clients are protected in the division of property matters surrounding divorce.
Contact Us Today (708) 246-7277 regarding Division of Property in Divorce