Divorce in Illinois is about more than the Court simply issuing a declaration that you are no longer married. If you have been married for any length of time, you have undoubtedly acquired assets and debts together, and you may have each brought assets and debts into your marriage.
The Illinois Marriage and Dissolution of Marriage Act (the “Illinois Divorce Act”) typically controls how assets and debts are divided. Dividing the marital estate is not always easy.
Assets must first be identified, valued, and categorized as either marital or non-marital assets. In many cases, spouses do not realize how valuable certain assets are, such as pensions. Property division can be even more complex when certain issues such as 401K’s, taxes, home equity, gifts, inheritances, closely held businesses and various forms of debt are involved.
Debts must also be divided or allocated among the spouses. While each spouse is naturally concerned about getting their “fair share” of the assets, spouses typically do not share this same enthusiasm with the division or allocation of debt. The fact is that this debt must be divided in some fashion between the parties, just like assets must be divided. The division of debt is important, as it will affect the legal obligations of the spouses to be liable for the debt.
Illinois property division laws direct the Court to equitably divide the marital estate. However, Equitable Distribution does not necessarily imply equal. No matter whose name marital assets are titled in, you deserve your fair share.
When facing a divorce, many of our clients are angry and hurt, and are driven more by emotions than rational thinking. Because there is life following divorce, we help clients to focus on their future (and the future of their children). While getting past the emotional aspects of a divorce may take some time, we help bring resolution to the immediate financial and custody matters. You need peace of mind. There is help.
We can help reduce the stress of your divorce by taking on the full responsibility for understanding what assets and debts comprise your marital estate, and developing a comprehensive plan for getting you your fair share.
We start by understanding the facts. We gather documents, and ask the right questions to accurately assess the financial situation of your marriage. It is our duty to uncover issues you may not have thought to raise.
We know how to find hidden assets, to fairly value assets, and to compile financial information and explain it to you. You don’t need to be a detective or an accountant. We can help.
When the financial stakes are high and your future feels uncertain, you need an attorney you can trust. You will receive straightforward and honest advice from our office. If your spouse is willing, we will avoid unnecessary adversity. If your spouse is not willing, we will represent you aggressively to protect your rights.
We can handle all aspects of the Property Division aspects of your divorce. If you would like to read more now, click on any of the following links: