If divorce is on your horizon, one of the primary components that needs to be addressed will be the division of your marital assets, and this division tends to be one of the most complicated aspects of the divorce process. Because the terms of your asset division are foundational to you and your children’s financial future, having an experienced asset division lawyer in Chicago on your side can mean the difference between terms that are favorable and terms that are not.
In the State of Illinois, marital assets or property refers to all those things of value (offset by your marital debt) that you and your spouse amassed over the span of your marriage. Ultimately, it doesn’t matter who made the purchase in question or whose name is on the lease or deed – if the asset was purchased or otherwise acquired while you were married, it will most likely be deemed a marital asset. Exceptions include inheritances and gifts that are given in the name of one spouse only.
The assets that you own prior to marriage and that follow you into your marriage are considered separate property. To remain separate, however, you must keep them separate throughout your marriage (rather than allowing them to intermingle with your marital finances), and this is often easier said than done. Common assets that begin as separate property include:
Even if you carefully keep these properties separate over the course of your marriage, they are all likely to increase in value as time passes, and this increase in value will be considered a marital asset. The fact is that the distinction between marital property and separate property can easily be blurred.
There are myriad of factors that can complicate the division of marital assets, including high assets and business ownership. If one of you brought a business into the marriage with you, for example, the following can all complicate the matter:
Determining which assets are deemed marital assets and which are not is a vital element of every divorce.
It’s important to allow the division of your marital assets the attention it deserves. The accomplished asset division lawyers at The Law Offices of George M. Sanders, P.C., in Chicago have the experience, drive, and legal fortitude to help you obtain asset division terms that protect your financial rights now and into the future. Your case is important, so please don’t delay contacting us for more information about how we can help you today.