If your marriage is dissolving, you probably have many questions regarding marital property and how it will be divided. Even if you have signed a prenuptial agreement these questions still come up. There is no simple way to distribute property. The best way to avoid losing your cherished asset is often to have a skilled and dedicated property division lawyer from Bolingbrook on your side. Consult a capable family law attorney that could advocate for you.

Defining Marital Property

During your divorce, you and your spouse will be awarded your individual nonmarital property.

Marital property is defined as property that either or both spouses acquire during their marriage. Regardless of which spouse’s money or activity resulted in the transfer of ownership, the fact that both spouses were married at the time of acquisition can qualify property as marital property.

It is important to note that only marital assets are subject to property division after the dissolution of a marriage. Therefore, any property acquired before the marriage is typically not at issue, although there may be some exceptions.

Common Forms of Marital Property

Marital property may include:

  • Real estate
  • Collectibles
  • Personal property such as cars, clothes, and jewelry
  • Business value, if you started the business during your marriage
  • Monetary assets, including pensions, retirement accounts, and stocks

Any debt accumulated during the marriage is considered “marital” regardless of whose name it is in. Martial debt is taken into consideration during the division process. The court may equitably divide the debt so that the burden is split between both parties. It is important to identify all marital assets so that there is a fair distribution of the marital property. To ensure you receive fair treatment during this process, you may want to contact a Bolingbrook area property division attorney.

How Is Marital Property Divided?

Illinois is an equitable division state. That does not mean that property will be divided evenly between the spouses; instead, the court will distribute the property fairly as it sees fit. When making this decision the court does not take into consideration any marital misconduct such as adultery.

When dividing marital property, the court will take into consideration all the relevant circumstances of the situation. Some of the factors that may influence property division include:

  • Financial contributions to the property
  • Length of the marriage
  • Any valid prenuptial agreements
  • Economic circumstances of each spouse
  • Tax consequences of the property division for each spouse

Once a judge enters an order on property division, that order is usually final. Unlike some other aspects of divorce such as child custody, child support, or spousal maintenance, it is not easy to modify the original judgment in a property division case, and judges in Will County do so only on rare occasions. Therefore, it important that everything is made clear at the outset and that you fully understand the consequences before reaching an agreement or going to trial. Having a skilled property division lawyer on your side can help avoid complications in the future.

Call a Bolingbrook Area Property Division Attorney Today

A property division lawyer could provide you with dedicated legal representation for your unique situation. Sorting through these complex and complicated matters takes skill and expertise. Our attorneys will help evaluate your property to make sure you do not walk away from your divorce with less than what you deserve. Call  Reidy Law Office LLC today or use our online scheduler to schedule a consultation.