Joliet, IL Property Division Attorneys

Trusted Lawyers Helping Divide Marital Property During Divorce Cases in Joliet, Illinois

When you get a divorce, you and your spouse will need to address many different issues. Separating your lives from each other can be a complex process, and some of the most difficult issues to resolve may be related to the property you own. When determining how to divide your assets and debts, you will need to understand the legal and financial issues that may affect these decisions, and you will want to make sure you will have the financial resources you need in the future.

At Jordan Steele & Associates, LLC, our attorneys are here to help you navigate complex concerns related to property division. We will work to ensure that your financial interests are protected during and after the divorce process. We can advise you on the best ways to resolve disputes and complete your divorce successfully.

Marital Property vs. Non-Marital Property in Illinois

As you prepare for the property division process during your divorce, it is essential to understand the difference between marital property and non-marital property.

• Marital Property: This includes all property acquired by either you or your spouse during your marriage. These assets and debts will be considered to be jointly owned by the two of you, regardless of whose name the property is in or who paid for it.
• Non-Marital Property: This includes property that is not subject to division in a divorce. It typically includes property owned by either spouse before the marriage, property received as a gift or inheritance by one spouse, and property excluded from the marital estate by a prenuptial or postnuptial agreement.

It is essential to distinguish between these two types of property, because only marital property will be subject to division in the divorce. In some cases, the classification of property can be disputed, especially if marital and non-marital assets have been combined or commingled.

Types of Property to Address During a Divorce

You may need to determine how to divide property such as:

• Real Estate: Your family home and any other property you own will need to be evaluated and appraised. Decisions will need to be made about whether the home will be sold and the proceeds split, or if one spouse will buy out the other's interest in the property.
• Retirement Accounts: Retirement savings, such as 401(k)s, pensions, and IRAs, are typically considered marital property if they were earned or contributed to during your marriage. The valuation and division of these assets will often require careful planning, and a Qualified Domestic Relations Order (QDRO) may need to be used to ensure that funds can be divided without incurring taxes or penalties.
• Businesses and Business Interests: A business founded or acquired during your marriage will usually be considered marital property, and it will need to be valued and divided. In some cases, one spouse may agree to buy out the other's interest in the business, or the business may be sold to divide the proceeds.
• Personal Property: This includes tangible assets like vehicles, artwork, jewelry, and household items. Determining who gets which items or how to divide the value of these possessions can be contentious. In some cases, items with significant emotional value may be more important than their financial worth.
• Debts: Just as marital property is divided, marital debts are also subject to division. These may include credit card debt, mortgages, car loans, and other liabilities. It is essential to address both assets and liabilities in a divorce settlement to ensure that you can maintain financial stability moving forward.

How Our Attorneys Can Help With Property Division

The process of dividing property during your divorce can be complex, especially when you are dealing with significant assets or debts. Our lawyers are experienced in negotiating property settlements, and we can help you determine the best ways to protect your financial interests and ensure a fair distribution of assets.

We can assist with:

• Identifying Marital vs. Non-Marital Property:This is an essential first step in the property division process, as it determines what is subject to division in your divorce.
• Valuing Property:We will help you obtain the appropriate valuations for real estate, retirement accounts, businesses, or other property. If necessary, we can work with financial professionals to get an accurate assessment of the value of your assets.
• Negotiating a Fair Property Settlement:Our attorneys will work with you to develop a strategy for negotiating a settlement, whether through direct negotiation, mediation, or litigation. We will advocate for your best interests while aiming to achieve a resolution that will meet your needs.
• Handling Complex Issues:Our attorneys are equipped to handle complicated financial matters, and we can guide you through the process of valuing and dividing assets such as business interests or investments. We can also help you understand the tax implications of the decisions you make.

Contact Our Joliet Asset Division Lawyers

Dividing property during your divorce can be a complicated and emotional process. At Jordan Steele & Associates, LLC, our skilled divorce lawyers can help you secure a fair settlement that will meet your needs. Contact our Joliet, IL asset division attorneys today by calling 872-314-0080 to schedule a free consultation.