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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

Top Chicago Area Divorce Lawyers
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DuPage County divorce attorney property division

In many marriages, “yours” and “mine” can become “ours” in regard to property and debt. Marriage is as much a financial partnership as it is a romantic relationship, and undoing those financial ties in a divorce may be a complicated process. Property division becomes especially challenging when there is a question as to what property should be classified as marital property and what should be deemed nonmarital property. When marital and nonmarital property is commingled, determining a fair and reasonable property division arrangement during divorce can be very difficult, and it is crucial to receive assistance from a qualified divorce attorney.

Understanding Equitable Distribution

Not every state has the same laws about how marital property is dealt with during divorce. Some states use a property division method called “community property," in which a married couple’s estate will be divided 50/50. Illinois, on the other hand, is an “equitable distribution” state. This means that if a divorcing couple cannot agree on how to divide their assets, the court will divide the assets according to equitable distribution rules. Illinois courts divide property in a way that is reasonable and fair based on each spouse’s health, employability, financial circumstances, needs, and other factors.

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Burr Ridge high-asset divorce attorney

As a general rule, the more wealth and property a married couple has, the more complicated their divorce will be. Divorces involving a family business, multiple real estate properties, 401ks, pensions, royalties, offshore accounts, deferred compensation, investments, stocks, trusts, and other complex assets are often especially hard to navigate. One issue that anyone undergoing a high asset divorce should watch out for is hidden assets. If you have reason to suspect that your spouse may be lying about financial information during divorce, speak with a knowledgeable divorce lawyer as soon as possible.

Red Flags of Financial Fraud

In order for a couple to reach a fair divorce settlement, each spouse must be fully transparent regarding his or her income, property, and debt. Decisions regarding property division, child support, spousal maintenance, and other issues are heavily influenced by the spouses’ financial circumstances. When a spouse does not fully disclose his or her assets and income for the purposes of skewing the divorce settlement in his or her favor, this is considered financial fraud. A spouse engaging in financial fraud may undervalue or fail to report certain assets or revenue streams, overstate debts, or claim that his or her expenses are much higher than they actually are.

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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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