DuPage County Divorce and Division of Property Lawyers
Experienced Asset Division Attorneys in Lisle, Downers Grove and Naperville
Division of property is one of the primary issues to be settled in any divorce. This is particularly true in complex divorces involving couples with a high net worth, multiple residences, family owned businesses, rental property, and many others. The law calls for a fair and equitable settlement of all marital property. However, divorcing spouses are often very far apart on what they believe to be “fair and equitable,” and the outcome of the final settlement is largely determined by the negotiating skills of their legal counsel.
At Momkus McCluskey LLC, our experienced divorce and family law attorneys have in-depth knowledge of the asset valuation process, divorce tax consequences and other property division issues. Our attorneys work in a wide range of related practice areas such as business law; commercial and civil litigation; estates, trusts and asset protection planning; and appellate practice. We work closely with our clients to analyze their specific financial situations and family dynamics so we can develop a strategy to secure a property settlement that protects your interests without straining your relationships.
Marital vs. Non-Marital Property
During a divorce, there are numerous potential assets at stake, including:
- Primary and Secondary Residences;
- Bank Accounts;
- Stocks, Stock Options and other Investment Accounts;
- Retirement Accounts;
- Business and Partnership Holdings; and
- Art and Home Furnishings.
Before beginning to divide the assets, it must first be determined which property is to be included in this division (marital property) and what should be excluded (non-marital property). In general, all property acquired during the marriage (by either spouse) is considered marital property. It is important to note that even separately held financial instruments (such as IRAs or 401Ks) are still considered marital property if the account was initiated during the marriage.
Property acquired before the marriage is usually considered non-marital property. However, some property acquired after the marriage can also be considered non-marital, such as sole inheritances and some forms of income and capital gains on property acquired before the marriage. This can become quite complicated, however, when money derived from non-marital property is used to acquire new property during the marriage.
Division of Property in Illinois
After determining which property is considered marital, the court will take several factors into account to ensure a fair and equitable distribution. These include:
- Duration of the Marriage;
- Age and Health of each Spouse;
- Standard of Living Established during the Marriage;
- The Earning Capacity of Each Spouse;
- Intangible Sacrifices (e.g. homemaking and child care while the other spouse built his/her career);
- Alimony/Maintenance Support Agreements;
- The Best Interests of the Children;
- Prenuptial Agreements;
- The Tax Implications of the Divorce;
- Debts; and
- Other Relevant Economic Circumstances.
There is no set formula for how the property in a divorce is fairly and equitably divided. The family court has a certain amount of discretion in deciding the final terms and conditions of the division. For this reason, it is essential to have skilled counsel in your corner aggressively advocating for your interests to ensure that you receive a settlement you will be happy with.
For a consultation with an experienced division of property lawyer in Illinois, contact Momkus McCluskey LLC today at 630-434-0400. We provide advice and counsel from our team of knowledgeable and compassionate family law attorneys in DuPage County, including Lisle, Naperville, Downers Grove, Wheaton and surrounding communities.