Introduction To Property Division In Lake County
Property division is one of the most important parts of an Illinois divorce, where couples split up their marital assets. The main two classifications for assets are marital and separate, with separate assets consisting mainly of items – or financial assets – each person brought to the marriage. Some direct gifts, like an inheritance, can also be separate assets.
This process can be complex, so call us at Douglas Law, A Professional Corporation in Bannockburn, to learn more about your options. We offer free initial consultations. Our attorneys have experience dating back to 1991, and we lean on this experience to help our clients explore their legal options. If you need advice from a lawyer or want to consider how to address a property division dispute, call now to get started.
Understanding Equitable Distribution
Illinois uses equitable division, which means that the court seeks a fair and just division of assets. This may not be perfectly equal. One spouse can receive a larger percentage than the other if the court believes that it is fair based on income, ownership, employment status and many other factors.
High Net Worth Divorces
A high-net-worth divorce can often be more complicated because of the presence of complex assets. These can include business ownership percentages, investments, stock options, overseas accounts, art collections and significant financial accounts. However, it is important to remember that assets with largely sentimental value can also lead to disputes. A high net worth divorce may also mean that the court has to address alimony or spousal maintenance.
Considerations For Late-Life Divorce
If you are going through a gray divorce – age 50 or older – then you may need to address a few important areas. For instance, you may have more significant financial assets than a younger couple, and you may need to consider retirement assets, like pension plans or employer-sponsored retirement plans. These can often be divided with a qualified domestic relations order (QDRO).
Set Up A Consultation Now
To navigate the complex property division process in Illinois, just call 847-908-3955 or use the online contact form to set up your free consultation today. Our team is here to help when you need us most.