Every divorce is different. Each presents a variety of potentially complex issues to be resolved. In long-term marriages, or those involving families with substantial assets, undoubtedly one of the most difficult issues involve the division of marital assets.
- Non-marital versus marital property, joint and separate accounts
- Homes and other real estate, foreclosures, short sales (particularly in the current real estate market where a home may have lost value)
- Large or concealed debts
- Dissipation of marital assets due to gambling losses or other debts
- Complex executive compensation packages
- Stock Options
- Valuation of business assets in family businesses
- Investments and insurance plans
- Pensions and retirement benefits
Each of these types of assets or debts will need to be reviewed. Some will have tax consequences that a knowledgeable divorce attorney will identify for you.
If you are considering divorce and need sound legal guidance and a strong advocate to protect your rights to a fair settlement, contact the divorce attorneys at the law office of Kathryn L. Harry & Associates, P.C. (877) 889-4515 Your initial consultation is free.
Reaching a Settlement Agreement in Property Division
The first challenge in property division is determining what is “marital property” and what is “non-marital property.” In Illinois, all property owned by the couple will be characterized as marital, non-marital, or a combination. How an asset is classified will depend upon how it was acquired, who held title, and how it was handled during the marriage. Your divorce attorney will work with you to identify what marital property is subject to division.
Issues a family court judge will consider when arriving at an order for division of property include:
- The length of marriage and age of the spouses
- The conditions and enforceability of any existing premarital agreement
- Who contributed to the acquisition or maintenance of property
- Lifestyle considerations
- Dissipation of marital assets
Considering Children and Pets: Couples often consider where children will live and their physical needs when developing a property settlement agreement in mediation or the collaborative divorce process. For some couples, pets are precious family members. A well crafted property settlement agreement will be respectful of your rights as a pet owner.
- More information on property division considering pets
Experience You Can Count On
The attorneys at the DuPage County law office of Kathryn L. Harry & Associates, P.C. have more than 15 years of experience drafting property settlement agreements that enable clients to move forward with financial security. They assess tax issues, conduct business valuations, evaluate prenuptial agreements, perform asset locator searches, and take all steps necessary to identify marital property.
You can trust the divorce lawyers at the law office of Kathryn L. Harry & Associates, P.C. to provide you with a well-crafted agreement in order to avoid the need to litigate future problems. Contact an attorney today at (877) 889-4515 to discuss the fair division of your marital property.