Consult Our Asset Division Attorneys in St. Charles
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When emotions are running high, the last thing separating couples want to think about is the separation of property, money, assets, and debts. The equitable distribution of assets and debts is one of the most crucial elements to discuss during a divorce, but when it comes to money and property, many people tend to be inflexible and uncooperative. Because of such cases, it's no wonder that asset division is known for being one of the most hotly contested issues in the divorce process.
We have helped thousands of people in the past four decades!
Because the state of Illinois follows equitable distribution guidelines, assets are divided equitably between both spouses. While this does not guarantee that property will be divided according to a 50/50 split, the goal is to separate the property fairly so that both spouses receive their equal shares.
When it comes to asset division, property distribution, and high net worth divorce cases, we do not leave any stone unturned. We know that the stakes are incredibly high and we do whatever is in our professional power to protect your family's future and finances during - as well as after - your divorce.
Types of Property- Marital Property Vs. Separate Property
Asset division is an incredibly complex and nuanced aspect of family law. Many different types of property need to be divided upon the legal termination of a marriage. In some cases, people will not even realize what property is shared, separate, or has been changed from separate property to marital property.
Assets and debts that have been acquired pre-marriage or post-separation will be considered separate property. Upon divorce, separate property will typically remain with the respective spouse who originally acquired the property or debt. Separate property can come in many forms, including:
- Bank accounts
- Taxes and debts
Assets and debts that have been accrued and acquired during a marriage will be considered marital property. Upon divorce, marital property can be distributed equitably between both spouses.
Do you want advice from our financial divorce lawyers?
In the process of representing thousands of clients in Kane County, we have developed proven skills in uncovering hidden assets, funds, and money. We know how to help you keep what is yours, but more importantly, we know how to help you navigate the entire divorce process, one of life's greatest challenges.
Although we are respected in the legal community for our selection for inclusion in the listing of Super Lawyers® since 2006, we are most proud of our distinguished commitment to client success. If you wish to learn more about our services or how we can help you through the process of asset division, do not hesitate to contact our firm and speak with our skilled legal team.