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.
Contemplating divorce is a profound step that involves emotional, financial, and legal considerations. Our "Am I Ready for Divorce?" checklist is a sensitively designed tool that helps individuals thoughtfully assess their readiness for this life-altering decision. This resource aims to guide you through introspection and practical evaluation, ensuring that your decision to pursue a divorce is made with both clarity and foresight.
In any legal or financial undertaking, having a comprehensive and organized set of financial records is critical. Our "Financial Records Checklist" is crafted to give you the clarity and control needed to manage your finances effectively. Whether you're preparing for tax season, undergoing legal proceedings, or simply aiming to get your financial house in order, this checklist is an indispensable tool for ensuring nothing is overlooked.
Divorce not only signifies a major shift in the lives of the parents but also heralds a period of adjustment and emotional transition for the children involved. Our meticulously crafted checklist, "Do Your Kids Need Therapy After Divorce?" is a vital resource for parents concerned about the psychological welfare of their children during and after a divorce. This checklist serves as a compassionate guide for recognizing signs of distress and taking proactive steps to support your child's mental health.
Divorce can be a complex and emotionally taxing journey, but when both parties agree on the key terms, an uncontested divorce can offer a more amicable and efficient path forward. Our Uncontested Divorce Checklist is a comprehensive guide designed to provide individuals with a clear roadmap through the legal process when there are no children involved. This free resource ensures that you are well-prepared, informed, and ready to proceed with confidence.