While it will not be necessary to divide assets exactly in half, each spouse should receive a fair share of the assets the couple acquired while they were married. Any marital property is subject to equitable distribution. Chicago Property Division Lawyers | Chicago Complex Property Division. Whether one spouse devoted time to domestic duties preventing them from acquiring education, training, or employment that could impact their present and future earning capacity. Due to its breadth, property division can be a very complex and overwhelming aspect for many couples considering divorce.
Non-marital property may also include assets received by one spouse as a gift or inheritance. "Roland was an excellent listener and took the time to understand and empathize with what was important to me in outcomes. High Net Worth & Assets Divorce Attorney | Chicago Illinois. The exact amount depends on multiple factors, such as age & health of both parties, marriage duration, exceptional extra expenses for children (such as schooling and daycare), and the marital property's equitable distribution. The tax circumstances of the property division. How do you plan on billing me? For example, it is more likely to award assets to lieu of maintenance in cases where the assets are income-producing.
In general, marital property is any property that is earned or acquired during the marriage. In general, anything that was acquired during the marriage is considered marital property by the courts. Property division in a divorce means that the couple must find a fair and equitable way to divide the assets and debts that were accumulated or incurred during the marriage. Additionally, same-sex couples often face issues during the process of property division. Not only that, but it's beneficial to have a lawyer look over the required paperwork to ensure that everything has been completed correctly. Property division lawyers in chicago today. The respective earning capacities of each spouse. All assets purchased during the marriage are considered marital assets regardless of who earned the most money.
We are available for free initial consultations weekdays and at other times by appointment. Unfortunately, since same-sex marriage has only been legal since 2014, it can complicate matters, making the division of assets and debt an immensely contentious issue. Law Offices of George M. Sanders | Chicago Title IX Conflicts Attorney | Gun Rights Lawyer Chicago. Asset Division: Dividing assets can be a difficult and painful process, especially when higher-earning and higher-net-worth couples separate. A number of factors determine whether assets and debts are part of the marital estate, such as when the property was acquired, how the title is held, and whether there has been a change or co-mingling of the assets with marital property.
The experienced attorneys at Hammer Serna & Quinn can help you determine what, if any, non-marital property exists and what is necessary to help you protect your non-marital property in the event of divorce. Or the division of assets may be structured in a manner to allow one ex-spouse to maintain the family home as his or her own property following the divorce. Non-marital assets typically include those gifts and inheritances, any property owned by either spouse prior to the marriage, and any assets specified in a valid prenuptial agreement. The amount of spousal support payments will be based on the income earned by both parties, and the duration the payments will last will be based on the length of the marriage. Professional Counsel for Divorce Cases Involving International Assets. A few examples of non-marital assets are: - Assets owned by one spouse prior to entering into the marriage. However, because you are legally still married, you must still indicate as such on legal forms, and you may not yet remarry. We will fight to ensure that you receive the money, property, and other assets you deserve. While a court will not rely on the spousal maintenance formula for high asset divorces, it still considers many of the same factors when rendering a decision about whether to award spousal maintenance. Attorney Advertising. Chicago real estate lawyers. Choosing the right lawyer can save time, money and needless conflict. Continue to make payments on any debt you have been paying and keep track of your expenditures. Contact An Experienced Chicago High Net Worth Divorce Lawyer.
Divorce laws vary from one state to another. This means that any assumptions about an easy 50/50 split of your marital property are likely inaccurate. There are options in divorce when it comes to dividing the assets. Real estate, 401k, and IRA, are often considered marital assets and need to be handled with care. Why should someone choose your Chicago spousal support attorney to help them with their alimony case? Under Illinois law, assets that were acquired during the marriage are generally considered marital property and subject to equitable distribution, with the exception of gifts and inheritances to a particular spouse.