Ensuring Equitable Division Of Marital Property
One of the most contentious issues in divorce is property division. Pursuant to the Illinois Marriage and Dissolution of Marriage Act, there are numerous factors that the court may take into consideration when dividing property. In Illinois, property acquired during a marriage is classified as marital property and is subject to division during a divorce, although there are some exceptions.
Generally, property acquired before the marriage, non-marital property, is not subject to division. What can complicate matters includes improvements on a home during marriage, extensive assets or portfolios, small business ownerships or sole proprietorships, and hidden assets.
As your attorney, I will negotiate with the other party to determine which assets are marital and non-marital. From there, the negotiation process will focus on how marital property is to be divided. Assets that are often discussed include:
- Investments, stocks, bonds and mutual funds
- Bank accounts
- Real estate
- Personal property
- Business property
- Pensions and other retirement funds
Division Of Debts And Liabilities
It is important to understand that you are not just dividing assets but also any debts incurred during the marriage. You need an experienced attorney to help you understand which debts you owe and how they may be divided with your former spouse. Working with a skilled attorney who strives to preserve relationships while still zealously advocating for your rights can make all the difference in the resolution of your divorce settlement agreement.
How A Property Settlement Attorney Can Help
Due to the thousands of hours I have spent presenting cases at the Lake County courthouse, I can provide you with valuable information regarding the range of decisions the court may choose from if they are called upon to decide the property issues in your case. Having this information available from the very beginning of your case can put you at a distinct advantage.
As a family law attorney for over 25 years, I have the necessary experience in property division matters to help you thoroughly and fairly acquire property during the divorce process. Once property division agreements have been made, they are almost always permanent. With an experienced attorney by your side, you can work to prevent an unfavorable outcome and ensure your best interests are always looked out for during the proceedings.
At The Law Office Of Cynthia L. Lazar, I give my clients the option to approach property division matters in a collaborative manner. At the same time, I understand that litigation may be the only option in some cases. However, I do always advise my clients to consider a collaborative divorce agreement or mediation whenever possible to keep the divorce from becoming unnecessarily time-consuming and costly.
Schedule Your Consultation Today
If property division has become an issue in your divorce, contact The Law Office Of Cynthia L. Lazar to schedule a consultation with a qualified property settlement attorney. Call 847-680-8520 or fill out our online contact form today.