Forging Sensible Solutions to Difficult Property Division Matters
One of the biggest issues in every divorce relates to the division of the marital property. The assets that once supported one household must now support two households. As a result, these issues can cause significant tension in a divorce. In many cases, these issues can be very complicated as well. The way that your property is divided will have a major impact on your life going forward. An experienced lawyer can be vital to protecting your rights.
We are the law firm of Brady & Jensen. With offices in Elgin and Geneva, we serve clients across Kane County and the surrounding areas. In every divorce or family law matter, we are committed to helping our clients achieve a fair outcome.
Elgin Division of Assets Lawyers Seeking Equitable Results
Under Illinois law, all marital property, both assets and debts, are to be divided equitably. An equitable division of property does not necessarily mean an equal division of property, although judges will initially presume an equal split. Marital property is defined to include any property acquired over the course of the marriage. There are exceptions for gifts and inheritances, although if the proceeds of these assets were used to purchase marital property, such as a home, those assets become marital property. Judges are required to look at a number of factors when making this decision, including:
- The value of the property
- The contributions each spouse has made to the marital property
- The length of the marriage
- The age, health, employability and estate of each spouse
- The terms of a prenuptial agreement, if one exists
- The tax consequences of the property division
Judges have wide latitude in allocating marital property. As a result, litigation is not necessarily the best way to resolve these types of disputes. Whenever possible, we try to find reasonable agreements through negotiation. Of course, when litigation is the only way to protect our client's rights, we will be ready to do so.
Call the Elgin Property Division Attorneys of Brady & Jensen
To discuss your property division concerns with an experienced property division lawyer, call us toll free at 866-930-2063 or e-mail us today. We provide free initial consultations.
