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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

Top Chicago Area Divorce Lawyers
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Hinsdale asset and property division attorney

One of the most contentious parts of the divorce process is often the division of marital property. Divorcing couples have the option of dividing property on their own, but couples who cannot reach an agreement will require court intervention. Illinois courts divide marital assets and debts according to “equitable distribution.” Unlike other states that divide the marital estate exactly in half, Illinois instead considers a variety of factors to determine an asset division arrangement that is fair and reasonable for both spouses. If a couple has a high net worth or owns complex assets, the property division process can become especially complicated.

Differentiating Between Separate and Marital Property is Not Always Straightforward

Only marital property is divided during an Illinois divorce. Marital property generally includes property obtained by either spouse during the marriage. Separate property typically includes any assets or debts that the spouses acquired before the marriage took place as well as certain gifts and inheritances acquired throughout the union. Differentiating between separate and marital property is not always as easy as it may seem. Assets that are commingled can lose their identity and be transmuted from separate property to marital property. For example, if a spouse receives an inheritance from a relative during the marriage, those funds are typically considered separate property. However, if the spouse uses some of those funds to pay for shared expenses during the marriage, the funds may be transmuted into marital property.  

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Western Springs prenuptial agreement attorney

Prenuptial agreements, or “prenups” for short, have long been the subject of misinformation and misunderstanding. Outrageous celebrity weddings, television shows, and movies have shown prenuptial agreements in an unfairly negative light. However, signing a prenuptial agreement before getting married can be a responsible and beneficial decision for many couples. Read on to learn how a prenuptial agreement or premarital agreement can benefit you and your partner in Illinois.  

A Prenuptial Agreement Protects Your Financial Interests

The main benefit of a prenuptial agreement is that it protects the financial interests of both parties should the marriage end in divorce. In Illinois, a divorcing couple’s marital estate is divided according to equitable distribution laws. Through equitable distribution, property and debts are divided fairly, but not necessarily evenly. If you and your soon-to-be spouse sign a prenuptial agreement, you have the option to make your own property division decisions in advance and override these state laws during a divorce.

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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