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Asset Division Attorneys in DuPage County

Aurora Division of Assets Lawyers

Naperville Lawyers for the Allocation of Marital Property

For some couples, determining how they will divide their marital property is among the most challenging elements of the divorce process. This is especially true for couples who have spent many years together because they have often accumulated a significant amount of jointly-owned assets. At Goostree Law Group, our skilled property division attorneys help divorcing spouses claim their fair share of the marital estate while ensuring that their rights are fully protected.

Understanding Marital Property in Illinois

According to the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5), a court only has the authority to divide a divorcing couple's marital property. Property that is considered to be "non-marital" is not subject to division. The law defines marital property as any property, including assets and debts, that is acquired by either spouse during the course of the marriage with a few limited exceptions. These exceptions include property that was acquired as a gift or inheritance to one spouse. Property that was acquired before the marriage is generally considered to be non-marital as well.

Experienced Divorce Lawyers Serving Wheaton and Aurora

Once the marital estate has been established, the property included must be assigned a value. For some assets—like the contents of a checking account—assigning a value is easy. For others, however, determining the value is much more complicated. A retirement account, for example, may have a certain amount of money in it right now, but the structure of the account means that it will be worth much more by the time that you retire. Assigning an appropriate value for the purposes of asset division may require the help of a financial professional who is experienced with such matters. At Goostree Law Group, we understand how to determine the value of your assets. We also maintain a large network of experts to assist with more complex valuations when necessary.

Equitable Distribution

Illinois law does not guarantee that each spouse will receive half of the marital estate. Instead, each spouse is entitled to receive a portion of the marital property that is equitable and fair. In the absence of agreement between the parties, it is up to the court to determine what is equitable and fair based on a number of factors, including:

  • Each spouse's contribution to the marital estate, including contributions made by a stay-at-home parent or homemaker;
  • Any claims of dissipation—or wasted assets—by either spouse;
  • Each spouse's age, health, occupation, and employability;
  • Each spouse's financial circumstances;
  • Any previous obligations for child support or spousal maintenance;
  • Whether maintenance is being sought in the current divorce;
  • Parenting arrangements for the couple's children, if any; and
  • Any tax implications based on the property allocation.

There is no set formula for dividing marital property in a divorce, which means that it is important to build a case designed to protect your best interests. The attorneys at Goostree Law Group have more than 80 years of combined legal experience that we are ready to put to work on your behalf. We will review your case, explain your available options, and work with you in pursuit of a favorable outcome.

Call 630-364-4046 Today

If you would like to learn more about our firm and how we can help with your divorce, contact our office. Call 630-364-4046 to schedule a free consultation with a skilled member of our team today. Our attorneys provide quality representation to clients in Naperville, Aurora, Wheaton, Warrenville, Woodridge, Downers Grove, Lisle, and throughout DuPage County.

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