Geneva, IL Division of Property and Assets Law Firm
Division of Property and Assets Attorneys Serving Kane, DeKalb, Kendall and DuPage Counties
Division of assets, including property, during divorce proceedings is a common concern. Although there are many laws addressing this issue, there is also great deal of confusion among the average person as to how property, assets, and even debts will be divided. While the attorneys at Serrano Low & Hanson can offer a basic overview, each situation is unique, and it is important to consult with a knowledgeable divorce attorney to ensure that you understand what to expect in your own divorce proceedings.
Illinois: An Equitable Distribution State
Illinois is an equitable distribution state. This means that the court will attempt to divide the property, assets, and debts fairly between the two spouses. However, it is important to remember that “fairly” is not the same as “equally.” The court will weigh many factors when determining what goes to each partner, including the following:
- What each partner brought into the marriage;
- The duration of the marriage;
- The ability of both parties to earn an income;
- The custody arrangements; and
- The value of the property.
Marital vs. Non-Marital Property
In general, anything that was acquired during the marriage is considered marital property by the courts. As such, it will be included in the equitable distribution agreement. This could include anything from the family home to frequent flier miles accrued during the course of a marriage. Anything that either partner brought into the marriage remains non-marital property in the eyes of the court. Additionally, any inheritances or gifts received by one of the spouses are considered non-marital property.
In long-term marriages, it can be difficult to determine which assets are non-marital properties as non-marital properties can become commingled with marital properties over time. An experienced divorce attorney from Serrano Low & Hanson can help you make this distinction as clear as possible.
When deciding on a fair division of property and assets, there can be a lot of room for discussion. As court-recognized mediators, our attorneys can help you negotiate with your former spouse and his or her attorney to try to find a settlement that everyone involved can find satisfactory. It can be challenging to negotiate these emotionally fraught issues, but our team strives to provide the balance and calm that our clients need during this time in their life. Although mediation may be a preferable option, are willing to aggressively pursue the best interest of our clients in the courtroom if necessary.
As your advocates, we will work with you every step of the way. If you need help with property and division of assets during a divorce in Illinois, contact us today at 630-844-8781630-844-8781. Serrano Low & Hanson provides representation to clients throughout Kane, Kendall, DeKalb and DuPage Counties including Geneva, St. Charles, Batavia, South Elgin, and Campton Hills.