DuPage County Property Division Attorney

Divorce Lawyer Assists Clients in Lombard, Elmhurst, and Hinsdale in Understanding Asset Division

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 involves the division of marital assets. These may include:

• Non-marital versus marital property, joint and separate accounts
• Homes and other real estate, foreclosures, short sales (particularly in a real estate market where a home may have lost value)
• Large or concealed debts
• Dissipation of marital assets due to affairs, 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.

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

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.

Contact an Experienced DuPage County Divorce Attorney

The attorneys at the DuPage County law office of Kathryn L. Harry & Associates, P.C. have more than 25 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 our office to provide you with a well-crafted agreement in order to avoid the need to litigate future problems. Call a DuPage County divorce attorney today at 630-472-9700 to discuss the fair division of your marital property. We help our clients in Elmhurst, Lombard, Oak Brook, Hinsdale, Westmont, and surrounding areas.