Geneva, IL Property Division Lawyer

Lawyer for Marital Property and Debt Division in Kane County

The financial implications of a divorce can be every bit as difficult as the personal implications. Spouses often struggle to fairly divide all of the property and assets they acquired throughout the marriage, and each spouse will likely have to make tough compromises and sacrifices. With this in mind, it is important to go into the divorce process with a plan for protecting your financial and property interests as much as possible.

At Loire Krajniak Law, LLC, we know that dividing marital assets and debts can be complicated, and there are many different ways that the process can play out. We will help you navigate all of the details and consider all of the possible options for reaching a resolution that leaves you financially secure. We have helped our clients resolve a wide variety of marital property concerns throughout our 10 years of experience, and we can work with you to develop an effective strategy to achieve your goals and priorities.

Marital Property vs. Non-Marital Property in Illinois

Property division laws vary from state to state, and if you are getting divorced in Illinois, you will need to understand the laws that apply to you. This starts with understanding how Illinois defines marital property and non-marital property. Marital property belongs to both spouses and generally includes assets of all kinds that are acquired during a marriage. These are the assets that are subject to division in a divorce. Non-marital property belongs to each spouse separately, and is therefore not subject to division. According to Illinois law, non-marital property includes:

• Assets acquired by either spouse before the marriage
• Assets acquired by either spouse after a legal separation judgment
• Inheritances or gifts received by either spouse during the marriage
• Assets designated as non-marital property in a prenuptial or postnuptial agreement
• Assets acquired in exchange for a spouse's non-marital property

You should prepare for your divorce by gathering thorough documentation of your assets and finances. These documents can help you protect your non-marital property and ensure that you have a full understanding of the marital property you may be entitled to.

Equitable Distribution Requirements

Another important element of Illinois property division law is the principle of "equitable distribution," which requires marital assets and debts to be divided fairly according to the circumstances, rather than exactly equally. You and your spouse have the option to negotiate an equitable property division agreement on your own, but you may find that litigation is necessary to achieve a fair outcome. Illinois courts consider a number of factors when deciding how to divide property equitably, including:

• Each spouse's contributions to the marriage and the marital estate
• Each spouse's age, health, financial needs, and available sources of income
• Arrangements for child custody and spousal maintenance in the divorce resolution
• Evidence that a spouse has dissipated or wasted marital assets

We can help you make a strong case for the share of marital assets that you should be entitled to given the details of your situation.

Types of Marital Assets to Divide

With these laws in mind, it is also important to understand what kinds of property you may need to divide in your divorce. Common examples include:

• The marital home and other real estate property
• Vehicles, furniture, and valuable household items
• Bank accounts
• Investments and retirement savings
• Businesses
• Debts including credit card balances, mortgages, and auto loans

There are substantial differences when it comes to the most effective ways to divide different types of assets and debts. We can help you determine whether you would be best served by selling an asset, buying out your spouse's share, or finding a more creative solution. We can also guide you through procedures like property valuations, refinancing, and any other special considerations related to the types of property you need to divide.

Contact a Sugar Grove Property Division Lawyer

Divorce is a time of instability and uncertainty, and we know how important it is for you to protect your financial security throughout the process. When you contact us at 630-448-2406 and schedule a free consultation, we can start reviewing your situation to help you decide on the best course of action. From our office in Geneva, we represent divorce clients throughout Kane County, including Sugar Grove, Yorkville, Aurora, Bristol, Big Rock, and Plano.