An important element of every divorce is the division of marital property. This is true whether you and your spouse amassed great wealth or lived a much more modest lifestyle over the course of your marriage. Obtaining the property and assets you are entitled to in your divorce can obviously have important implications for you and your children’s financial future. If you have concerns about property division and divorce, consult with an experienced Chicago property division lawyer today.
Marital property generally refers to those assets and that property that you and your spouse acquired together as a married couple – regardless of whose name the property is in. And this is just as true for assets as it is for debts. If, for example, either you or your spouse (or both of you together) started a business during the course of your marriage, that business is probably marital property. Conversely, any property that either of you brought into the marriage will usually remain separate property.
Examples of marital property can include:
Determining the actual value of all your marital property is critical to your ability to obtain a division of marital property that protects your rights.
Once you’ve filed for divorce, it can take months – and even years – for it to be finalized. In the interim, the court will generally provide temporary orders that set regulations for how your marital property should be preserved. The court recognizes that an unscrupulous spouse may attempt to dispose of marital property before the divorce is finalized, and as such, both of you will be ordered not to do any of the following:
If your spouse fails to adhere to these temporary orders, he or she could face contempt charges, but the court can also use its vast discretion to penalize your spouse during the division of property itself.
The courts will take several important factors into consideration regarding how your marital assets should be divided upon your divorce, including:
The fair division of marital assets is critical to every divorce, and the experienced Chicago property division lawyers at The Law Offices of George M. Sanders are committed to helping you obtain a division that protects your rights. Your case is important to us, so please don’t hesitate to contact us for more information today.