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 non-marital property.
Not only are bank accounts, retirement 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 division 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 well over one million dollars and those necessitating forensic accounting.
Experienced Marital and 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 your 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 gift or inheritance. Properly categorizing all the assets of the marriage is critical as marital property is equitably divided between spouses whereas non-marital property remains with the acquiring party.
After all property has been identified and categorized, it needs to be assigned 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 equitably 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 are 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
For a complimentary consultation, call The Law Offices of Umberto S. Davi, PC at (708) 246-7277.