Divorce Lawyers Assisting With The Division Of Property And Debt
When a couple decides to divorce, the process of dissolving their marriage can often become a complicated matter that takes months to complete. Resolving complicated issues can be difficult when couples are unable to cooperate or communicate effectively due to the breakdown of their relationship. Even couples who divorce amicably will often struggle to separate the myriad aspects of their property identification and acquisition which have become closely linked during the years of their partnership.
One aspect of divorce which can lead to contentious disagreements is a determination of who will retain ownership of certain property that the couple has acquired over the course of their marriage. Another concern is who will be responsible for the couple’s debts. Arriving at an agreement in these matters often requires a great deal of negotiation. A skilled divorce attorney can offer invaluable assistance in reaching a resolution. At Botti Marinaccio, LTD., our family law attorneys have over 100 years of combined experience advocating on behalf of divorcing clients, and we can put this experience to work to help you obtain favorable results in property division disputes.
Marital And Non-Marital Property In Illinois
While Illinois law requires marital property to be distributed equitably between spouses, this does not necessarily mean that their property will be divided in half. A court will grant each spouse a fair and equitable share of the marital assets and fairly allocated marital debts. Marital property is defined as any property that was acquired during the marriage, regardless of whose name the property is titled in. The property can include real estate, investment accounts, stock options, joint bank accounts, business interests, vehicles, and personal possessions such as furniture, jewelry, art, books, and children’s toys.
Factors That Determine What Items Are Considered Marital Property
Illinois law defines non-marital property as property which was acquired by one spouse prior to the marriage or after legal separation or received by one spouse as a gift or through inheritance. Property excluded from marital property by a prenuptial agreement is also considered non-marital property and not subject to division.
Marital and non-marital property can often become commingled, such as when one spouse owns a home prior to the marriage, but the spouses both lived in the home, placed capital improvements to the home, and contributed to mortgage payments and upkeep of the home during their marriage. In these cases, the assistance of an experienced attorney is essential in determining whether a spouse should be reimbursed for the marital contribution to the other spouse’s non-marital property.
Contact A Chicagoland Area Divorce Attorney
Determining how to identify and equitably divide assets and debts during divorce can be a complex matter. It is important to protect your interests during these negotiations and ensure that you will have the resources you need to maintain financial security following your divorce. While many divorcing couples are able to reach an agreement about the division of property through mediation or collaborative law, it may also become necessary to settle these disputes in court. In these situations, you need a dedicated and knowledgeable legal advocate on your side who can protect your rights and fight for your best interests.
The attorneys of Botti Marinaccio, LTD. can work to help you reach a favorable resolution in disagreements about property division or any other aspect of your divorce. The law firm of Botti Marinaccio, LTD. solves problems through successful negotiations or, if necessary, at trial through a judge’s decision. Contact our office by using our online contact form or calling 630-934-2192.