Chicago Property Division Lawyers Making Property Division A Smooth Transition
When going through a divorce, one of the biggest concerns is often property division and who gets what when the relationship ends. In some cases, it’s simply a matter of dividing assets. In others, the fight may be over ownership or debt from the shared property or non-marital property. Regardless, finding an attorney to represent your interests during property division can be crucial to achieving equitable division.
At The Law Offices of Robert B. Buchanan, we encourage clients who are going through some form of divorce or separation including those facing property division to work with our team of experienced lawyers. We advise clients on some of the most difficult cases involving personal and professional issues throughout divorce proceedings including negotiation, mediation, collaborative law processes as well as litigation when necessary. Our lawyers pride themselves on creating amicable resolutions that protect clients’ futures while preserving their financial wellbeing.
When it comes time to dividing marital property, things can become emotional quickly causing people to make poor decisions regarding their finances. Avoid this by hiring one of our attorneys to help you work through the process carefully and as painlessly as possible. Contact a property division lawyer today at (312) 757-4833.
How Does The Process Of Property Division Work?
This means that everything from bank accounts, marital debts, property acquired, family home, and vehicles to furniture, clothing, stocks, and personal items must be divided equally even if one person deserves more because he or she paid for it during the course of the relationship.
Our law office has handled some very difficult cases involving the division of property including those where couples owned properties before getting married, a spouse’s non-marital property, and more. Other times couples have tried to hide property in an attempt to claim it after the divorce is final or even during divorce proceedings. We work diligently with clients who are trying to protect themselves from this type of behavior by advising them on how they can best make their case for why they deserve certain items which may include professional valuations and documentation to clearly demonstrate ownership while also defending against attempts at hiding or transferring of funds. Beyond asset division, our lawyers will help you through the process without causing harm to your personal relationships.
What Factors Are Taken Into Consideration When Dividing Property In A Divorce?
There are a number of factors that Illinois courts consider when it comes to dividing property. Everything from the length of a marriage and the income of each party to whether or not one party came into the marriage with substantially more assets. In cases of abuse, the court could award more assets to the party that was cut off from the finances during the marriage. In these types of situations, an attorney may be able to ask for more assets or even request that all marital property be distributed evenly regardless of whose name is on what.
Most people don’t realize how important it is to have experienced legal counsel during divorce proceedings unless they’ve been through it before. For example, certain tax implications come into play when you start dividing up your assets in a divorce. If done incorrectly you could end up paying thousands of dollars in taxes that you did not expect and only later learn were your responsibility. This is why it’s important to speak with a lawyer who can help you figure out what belongs to whom and how best to protect yourself in the long run.
What Is Considered Marital Property?
In order to successfully determine what is marital property and how it will be divided, you must first know what constitutes a marital asset. In general, all property that was acquired during the course of a marriage, excluding inheritances or gifts from before the marriage, is considered marital property. This includes everything from real estate to personal belongings such as jewelry and clothing.
In addition, anything purchased with money earned during a marriage, even if not defined as marital property when originally acquired, could become part of the pool when one spouse’s efforts contributed significantly to its increase in value. On top of this, any appreciation of non-marital assets brought about by either party’s efforts is also subject to division.
When Should I Hire a Property Division Attorney?
When going through a divorce it can be very difficult trying to navigate the complexities of property division alone. Many people simply don’t know where to begin which often leads them down a path they didn’t expect. This could mean losing thousands of dollars over the course of proceedings or making mistakes that could actually cost them custody of their children. Avoid these types of mistakes by working with one of our knowledgeable and compassionate lawyers to help you get through the process as quickly and smoothly as possible.
Whether your case involves only a few items or many, we will work hard to ensure that they are divided fairly without causing unnecessary stress or drama for you and your family. Our goal is to make sure that every client who contacts The Law Offices of Robert B. Buchanan can focus on rebuilding their lives after divorce while letting us handle the details. Whether it’s marital property, property acquired during or before marriage, equitable distribution, community property, stock options, and business interests, or marital debt, we are here to help you with your marital estate. Contact a property division lawyer in our Chicago office at (312) 757-4833.