Division of Assets Considerations in Will County Divorce Cases

If you have questions regarding division of assets considerations in Will County divorce cases, consider retaining a professional divorce attorney today for your legal representation. A skilled lawyer could walk you through the process so that you fully understand what goes on in the negotiation procedures and protect you from being taken advantage of by another party. Read on to learn more about what goes into the division of assets in Will County divorce cases, as well as the ways a dedicated attorney could offer you their assistance today.

How are a Party’s Assets Determined in a Will County Divorce Case?

Attorneys try to determine marital property versus non-marital property in an Illinois divorce. During the discovery portions of the case, an attorney has the opportunity to find out as much or as little as they need to about the other party. The first step is attaining a financial affidavit. Both parties are required to exchange financial affidavits along with supporting documentation, such as their tax returns, bank accounts, and credit card statements. This is typically done within the first 30 days of a case.

Parties put down their assets voluntarily, and they sign an affidavit at the end stating that the information is true and correct. If both parties choose to forego discovery after looking over the affidavit and determining that they believe it is correct, they do not have to do the formal discovery process. Ultimately, the way those assets determined is through the chosen discovery and disclosure of the parties involved.

Formal Discovery Procedures

If one of the parties does not believe that the other individual is being forthcoming, there are a variety of discovery tools that can be used. The most common tools include interrogatories. Matrimonial-interrogatories are Supreme Court-approved questions that are asked in most divorce cases that issue discovery. One could also use another discovery tool called a notice to produce, in which one can request documents from the other side. They can ask for bank statements, credit card statements, or maybe loan applications in order to take a look at the physical documents that might be relevant to a case.

One can also subpoena documents. Perhaps a party needs to subpoena the other party’s workplace to find out what information they cannot otherwise find. A party could subpoena bank records or a variety of different documents depending on what they want to discover.

Marital vs Non-Marital Property

When an experienced family attorney is dividing assets, they start with the initial premise of determining marital property versus non-marital property, and that is determined by a basic presumption. In Illinois, it is presumed that anything acquired during the marriage is considered marital property. While many individuals think that something is theirs because it is titled in their name, titles do no matter in Illinois and divorce law, for the most part.

If something was acquired during the marriage, it is automatically considered marital property with two major exceptions: something gifted to a party and something inherited by a party. Those might be considered non-marital property. Non-marital property also includes items, assets, or anything that they possessed prior to the marriage. After an attorney has identified all the assets through discovery, they then have to divide the marital assets equitably.

The Importance of a Skilled Divorce Attorney

The parties keep their non-marital property, and when the attorneys divide things equitably, they have to look at the whole circumstances. Many times, 50-50 might be equitable, but it is not always a guarantee. For example, if somebody has a significant amount of non-marital assets, the other party might get more of the marital assets. Every case is different, and that is why it is important to speak with an attorney in that individual’s area so they can look at the whole picture. If you wish to learn more regarding the considerations of the division of assets in Will County divorce cases, retain the representation of a skilled family lawyer today.

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