Joliet Property Division Lawyer

Attorney Assisting With the Division of Assets During Will County Divorce Cases

If you have chosen to get a divorce, you will need to address multiple different types of issues related to your finances and property, along with various other aspects of your life that have become intertwined with your spouse during your marriage. As stressful and difficult as it can be to divvy up the property you and your spouse have acquired, it is important to address these issues correctly, since the decisions you make can play a major role in your ability to provide for yourself and maintain financial stability going forward. By understanding your rights and the best ways to resolve disputes related to your marital assets, you can be prepared to proceed through the divorce process as smoothly as possible.

Having an attorney on your side is crucial for success during your divorce. Erin Webster O'Brien, P.C. provides representation for divorcing spouses, and in addition to assisting with the negotiation of divorce settlements and litigation of divorce cases, we also offer mediation and collaborative law services. Attorney Erin O'Brien understands the difficulties that divorcing spouses can experience, and she is dedicated to helping her clients find solutions that will allow them to avoid prolonged divorce proceedings whenever possible.

Understanding Your Rights Regarding Marital Property

Spouses may encounter many myths and misconceptions about divorce, so it is important to understand how the laws in Illinois address the division of the property and assets that a couple owns. All of the assets and debts that are purchased or acquired after a couple got married and before their legal separation are considered to be marital property. Even if certain assets were purchased by one person, titled in one spouse's name, or kept in a separate bank account, they will be considered part of the marital estate if they were acquired during the couple's marriage. The only exceptions are inheritances received by one spouse or items purchased with inheritance money or in exchange for assets that a person owned separately before getting married.

All property in the marital estate, as well as any debts that accrued during the marriage, must be divided between spouses during the divorce process. However, Illinois law does not require property to be split equally. Instead, it follows the principle of "equitable distribution," which means that assets should be divided fairly and in a manner that is considered equitable, providing each spouse with the financial resources they need to succeed following their divorce. When determining how to divide marital property, factors that may be considered include:

• Each spouse's contributions to the marriage, including income earned to provide for the family's needs or services provided as a stay-at-home parent.
• Each spouse's economic circumstances, including their sources of income, job-related skills and experience, and any health concerns that would affect their ability to provide for themselves.
• Whether either party has additional needs based on the decisions made about child custody, such as whether maintaining ownership of the family's home would allow a parent to provide ideal living arrangements for children.
• Whether a couple has a prenuptial agreement that details how marital property should be divided.
• The tax consequences of property division for each spouse.

Contact Our Will County Asset Division Attorney

There are many issues that may play a role in the process of dividing marital property. Erin Webster O'Brien, P.C. helps spouses understand the best ways to handle these matters, including in high-asset divorce cases involving complex financial assets, large incomes, and valuable property. No matter how you plan to approach the divorce process, we can make sure you will be able to protect your rights, and we will work with you to find solutions that will provide for your financial needs going forward. To get legal help with your case, contact us at 815-727-2100 and arrange a confidential consultation.