Warrenville IL Division of Assets Attorney
Divorce Lawyer for Equitable Division of Marital Property in West Chicago
During a divorce, division of assets is one of the most complex parts of the proceeding. Illinois is not a community property state, and assets not automatically divided 50/50. The law calls for “fair and equitable” distribution of marital property (as determined by the court). To ensure you receive a fair and equitable portion of your marital estate, it is important to have skilled legal counsel by your side fighting to protect your interests.
The Law Offices of Nancy Kasko, LLC has helped numerous clients with the division of assets during a divorce. Attorney Nancy Kasko has been through a contentious divorce herself, and she has first-hand knowledge of the complexities involved, particularly when it comes to the division of property. Nancy puts her skill and experience to work to help others who are going through what she did, and guide their cases toward a successful conclusion.
Nancy handles each divorce and family law case personally, and she spends a lot of time with her clients listening to their needs and concerns and learning the unique facts of their case. After a thorough analysis of your case, she puts together a strategy designed to fully address your needs and meet your objectives. Nancy is your advocate throughout the proceeding, providing support and encouragement as well as ongoing updates on how the case is progressing.
Marital vs. Non-Marital Property
Before the division of assets can occur, it must be determined which assets are considered marital property, and which are considered non-marital. In general, property that was acquired prior to the marriage is non-marital property, while property acquired during the marriage is marital property. There are exceptions to this rule, however. For example, property acquired during the marriage as a gift or inheritance is still considered non-marital. On the other hand, property acquired prior to the marriage can become marital property if the spouse’s name was added to the title, and/or if the asset was co-mingled with marital property.
Determining Factors for Division of Assets
The court uses several factors to decide what they consider a fair and equitable division of the marital property. These include:
- Contribution: The amount each party contributed to the acquisition, preservation and increase/decrease in value of the property. This may include contribution as a homemaker.
- Dissipation: If either spouse has wasted money or has hidden assets, this is taken into account during the division of assets.
- Duration: How long the marriage lasted.
- Prior Marriages: The court considers whether either (or both) parties receive spousal support or child support from a prior marriage or relationship.
- Situational Status: The age, health, income, occupation, skills, estate, liabilities and other needs of each spouse.
- Custody: Allocation of parental responsibility and parenting time/visitation arrangements.
- Alimony/Spousal Maintenance: Any spousal support that is awarded during the divorce is factored into the property division.
- Tax Consequences: The tax implications of the division of assets for each party.
- Prior Agreements: Any enforceable pre-nuptial or post-nuptial agreements are a primary determining factor in the property division.
One common sticking point is property valuation. Because of the complexity of certain assets, it can often be difficult to determine their proper value. Some examples include:
- Real Estate
- Savings, Investments and Retirement Accounts
- Family-Owned Businesses
With these types of assets, due diligence is essential to ensure they are appropriately valued when the property is distributed.
Speak with a Strong Winfield Division of Assets Attorney
Marital property division is an area of a divorce where there is likely to be some disputes. Attorney Nancy Kasko understands this, and she knows how to effectively advocate for her clients, and what it takes to secure favorable results. For a free consultation with attorney Kasko, contact our Warrenville law office today at 630-836-8540 or our Wheaton office at 630-407-1665. We serve clients in Warrenville, Wheaton, Winfield, West Chicago, and DuPage County, Illinois.