Schaumburg Asset Division Attorney

Lawyers for Division of Marital Assets in Schaumburg

If you and your spouse are preparing for a divorce, dividing the property that you own can be an extremely difficult task. This is often a very stressful process, and it is one issue that can generate a lot of conflict.

Negotiating the division of assets during divorce can be hard, but with A. Traub & Associates on your side, you will have skilled legal counsel fighting for what is rightfully yours. If an amicable solution cannot be reached outside of court, then we can help you determine whether it will be necessary to take your case to trial. We will fight to ensure that you receive the money, property, and other assets you deserve.

Equitable Division of Marital Assets

Once a couple is married, any assets or debts that are acquired by either spouse belong to both of them. This is called "marital property." It can include things like vehicles, household furniture, jewelry, clothing, artwork, or the house they live in together. Marital property may also include intangible assets like bank accounts, investments, retirement funds, and pensions.

Property that was not acquired during the marriage (that is, assets owned before the marriage or after a legal separation) is exempt from division in a divorce and will remain in the possession of the spouse who originally purchased or acquired it. Non-marital property may also include assets received by one spouse as a gift or inheritance.

There are some cases where divorcing couples may be able to divide their property in half, giving 50% of the assets to each spouse. However, this is not always how things work out, and Illinois law does not require an equal division. Instead, the state uses an "equitable distribution" model which takes into account what is fair and equitable for both parties.

If a divorcing couple is unable to come to an agreement about property division on their own, including by using mediation or negotiating a settlement, the judge presiding over their case will make these decisions for them. In doing so, they will take into account a variety of factors, such as:

• The economic situation of each spouse, including their income and financial obligations.
• Whether it would be beneficial for the custodial parent (that is, the parent who will have a larger amount of parenting time) to maintain ownership of the family home.
• Any responsibilities that apply to a spouse regarding child support for children from a previous relationship or spousal support paid following the end of a previous marriage, as well as any financial support payments that either spouse will receive from a previous partner.
• Whether either spouse will pay spousal support to the other party. In some cases, instead of receiving maintenance payments, one spouse may be allocated a larger share of the marital estate.
• Previous agreements between spouses regarding property ownership, including prenuptial and postnuptial agreements.
• Any dissipation of marital assets that has occurred. If either spouse has wasted marital funds or taken actions that resulted in a decrease in value of marital property, they may be required to reimburse the other spouse.

Contact a Schaumburg Marital Property Division Lawyer

Property that holds emotional or financial value to you is something that you will want to protect during your divorce. You will not only want to keep the things that are important to you, but you can also take steps to establish financial security for yourself as you begin this new chapter in your life.

Figuring out how to divide your property fairly with your ex-spouse can be a very daunting task. At A. Traub & Associates, we have skilled divorce lawyers who can help you resolve issues related to marital property in a way that will set you up for success moving forward. To discuss your situation with one of our attorneys in a confidential consultation and learn how we can help you complete the divorce process successfully, reach out to us today at 630-426-0196.