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630-575-8585

2015 Spring Road, Oak Brook, IL 60523

Top Chicago Area Divorce Lawyers
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Cook County divorce attorney asset division

If you are like most married people, the property you owned and the property owned by your spouse merged when you got married. According to Illinois law, only marital property, or property held by the marital estate must be split during a divorce. However, telling the difference between marital property and nonmarital property is often much more difficult than it seems. Commingled assets, or assets that contain marital property and non-marital property, can change identity, making asset division much more complex. Property that was once considered marital property may be classified as non-marital property. Likewise, property classified as nonmarital property may become marital property.  

Division of Marital Assets and Debts

One of the most consequential aspects of many divorce cases is the division of assets and debts. This is often especially true in high-income divorces. If you and your spouse do not have a prenuptial agreement or postnuptial agreement describing how to classify and divide assets, you have several options. You and your spouse may be able to reach an agreement about how to divide assets with help from your respective attorneys or through an alternative resolution method like mediation or collaborative law. If you cannot reach a decision outside of court, your case will go to trial and the court will make a decision about how to divide marital property.

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Botti Marinaccio, LTD.

630-575-8585

2015 Spring Road, Oak Brook, IL 60523

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