Property division is a critical part of any divorce in Orland Park. Before parties can leave a marriage, they have to determine how they are going to split any property they acquired during the marriage. This must be done equitably, meaning in a way that is fair to both parties.
A well-versed division of assets lawyer can help you identify what property is most important to you and help you work towards an agreement that reflects that. With their help, you can work towards an agreement that reflects your needs and contributions to the marriage.
Illinois is not a community property state where any property owned by either party is considered part of the marital estate. Instead, anything acquired during the marriage generally belongs to the couple, and anything acquired before the marriage generally belongs to the party who acquired it.
In Orland Park, there are several considerations made when dividing property. Often, the most important considerations are when the property was acquired and by whom. The court will work to divide the property equitably, not equally. In other words, it is divided based on what is fair.
When determining what is equitable, considerations include the ages of the parties and their earning capacity. An attorney can further explain the considerations taken into account when dividing property in Orland Park.
The financial contributions of the individual spouses are considered when dividing property. This refers to how much money the parties brought to the marriage.
The non-financial contributions considered when dividing property include the non-compensable work. For example, if one person did more work to raise the children, that would be taken into account. Another consideration would be if one spouse supported the other through schooling. An attorney can examine the circumstances of your marriage to determine what could be considered non-financial contributions.
The role of cooperation between parties when dividing assets is important. The more the parties cooperate, the more likely the division of property will be done amicably and efficiently. This will save the parties a lot of time and money.
Sometimes people need to stop, put what matters into perspective, and consider how much they are you paying in attorney’s fees versus how much a piece of property matters to them. This can help move negotiations forward. An attorney can further help guide you through the property division process and fight for what is most important to you.
Property division is one of the most contentious parts of a divorce. Between the fact that the division must be equitable and that parties must determine what assets are most important to them, it is easy to see how this process can be difficult. This is why it is important to work with an experienced lawyer who can guide you through the process of property division in Orland Park. To learn more about how an attorney can help, call Reidy Law Office, LLC today.