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).
Frequently Asked Questions About Property Division In Illinois
You can speak to our experienced attorneys about any questions you have related to the property division process of your divorce. Here is a collection of frequently asked questions clients have asked us:
How long does the property division process take in Illinois?
Every divorce is unique, so the time it takes to finalize the property division process can vary depending on a few factors. Some things that must be considered include the size of the estate, the marital debts, the complexity of a couple’s assets and whether a couple can negotiate amicably. These factors can greatly affect whether the asset division process will take weeks or years. At Douglas Law, A Professional Corporation, we aim to keep the process moving forward fairly.
Can I sell property during a pending divorce?
It depends. In some cases, the court will issue a temporary stay that prevents either party from disposing of any assets without consent. In other cases, the spouses will agree to the sale of marital property, such as a house or vehicle, during a divorce to liquidate assets and give the settlement process more flexibility. Once a divorce is initiated, it is always wise to seek legal guidance before attempting to dispose of any assets – even if you think the asset is your separate property.
Can I negotiate property division with my spouse?
Yes – but that doesn’t mean negotiating without legal guidance. Ideally, spouses will agree to an amicable division of assets to cut back on expensive and time-consuming court battles. However, each spouse should have the assistance of an attorney so that they are informed of their rights and options. Our divorce attorneys can help with negotiating the division of marital assets.
What if my spouse is hiding assets?
When one spouse hides assets – using cryptocurrency, secret bank accounts or other means – that subverts the entire asset division process. It can take a skilled attorney to uncover documentation of those assets and experienced financial experts to review financial records and ascertain their worth. Once hidden assets are identified, the court can leverage its weight to restore fairness to the process.
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.