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DuPage County Property Division Lawyer

Carol Stream division of marital property lawyers

Attorneys Assisting Divorcing Spouses With the Division of Assets and Debts in Glen Ellyn and Wheaton

There are many issues that will need to be addressed when getting a divorce, and the decisions you make can not only affect your life in the short term, but they can also have a huge impact on your financial future. Some of the most important concerns that you will need to deal with involve the property you own and the debts you owe. Determining how to divide these assets fairly between you and your spouse can often be a huge undertaking, and you will need an attorney on your side who can protect your rights and advocate for your interests.

At NN Legal Group, we provide legal help and representation in all types of divorce cases. Whether you expect to have a simple, uncontested divorce, or you believe that ending your marriage will involve contentious disputes over money and property, we can advise you on the best steps to take to achieve your goals. With more than 12 years of legal experience in divorce, family law, and other areas, Attorney Nicolas Nelson can provide you with practical guidance and dedicated representation inside and outside the courtroom, ensuring that you can reach a divorce settlement or judgment that will meet your needs.

Dividing Marital Property and Debts

The property that married spouses own can be categorized as either marital property or separate property. Marital property includes any assets or debts acquired by either spouse after a couple got married and before they were legally separated. In addition to assets or debts acquired before getting married or after a legal separation, separate property may include inheritances received by one party or assets designated as non-marital property in a prenuptial or postnuptial agreement. The divorce laws in Illinois state that marital property should be fairly and equitably divided between spouses. While this does not necessarily mean that each spouse will receive an equal share of the marital estate, it does mean that they are both entitled to a fair share of marital assets and debts based on their needs, financial resources, and contributions to the marriage.

There are multiple different types of marital property that may need to be addressed during your divorce, including:

  • Physical property - Items that need to be divided between spouses may include furniture, artwork, jewelry, collectibles, children's clothes and toys, vehicles, and kitchen tools or appliances. How this property is divided may be based on each spouse's needs, their regular use of certain property, or their sentimental attachments to different items.
  • Financial accounts - In addition to money in savings accounts, spouses may need to address stocks, bonds, or other investments. In some cases, funds may be split equally between spouses, or one spouse may receive a larger share, while the other receives other property of a similar value.
  • Real estate - When determining how to handle ownership of the marital home or any other properties that a couple owns, decisions may be based on whether one spouse will be able to make mortgage payments and cover other related expenses, as well as whether it would be beneficial for children to continue living in the same home and attending the same schools. If it will not be feasible for one spouse to own a home on their own, the property can be sold, and the spouses can divide the proceeds of the sale.
  • Business interests - Business owners will likely want to make sure they can continue owning and operating their business following their divorce. A business valuation will need to be performed during the divorce process to gain an understanding of the value of business assets. In some cases, one spouse may maintain full ownership of a business, while in others, the business may be sold, and the spouses will divide the profits earned from the sale. Spouses may also choose to co-own and co-manage a business after getting divorced, although in these cases, they will likely want to create a partnership agreement that fully defines their roles and responsibilities going forward.
  • Retirement accounts and pensions - Funds saved in accounts such as 401Ks or IRAs and pension benefits earned by a spouse while they were married are considered marital property. When dividing these assets, a Qualified Domestic Relations Order (QDRO) should be used, allowing funds to be transferred or pension benefits to be allocated without being required to pay penalties or taxes for early withdrawal.
  • Debts - Credit card balances, auto loans, mortgages, student loans, or any other debts accrued during a couple's marriage will need to be divided along with other marital property. To ensure that a spouse will not be obligated to pay debts allocated to the other spouse, joint accounts may need to be closed, or loans may need to be refinanced in one spouse's name.

Contact a Glen Ellyn Marital Property Division Attorney

The lawyers of NN Legal Group can make sure you properly address all of your marital assets and debts, and we will work with you to negotiate a divorce settlement that will protect your financial interests and meet your needs. Contact us today at 630-474-0925 to set up your complimentary consultation with our attorneys. We assist with divorces and other legal issues in DuPage County, including Wheaton, Bloomingdale, Addison, Glendale Heights, Glen Ellyn, Carol Stream, Lombard, and Villa Park. Hablamos Español.

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