Divorce and Family Law
Property and Asset Division
While spousal support and issues related to minor children may be problems in certain cases, almost all parties must work through property and asset division during the Illinois divorce process. Illinois asset division law (750 ILCS 5/503) requires equitable distribution of all marital property, which includes any assets acquired after marriage. Any items owned by a spouse prior to the wedding date belong to him or her, as do gifts and inheritances. However, this basic description of the laws on asset division, the legal issues can be extremely complicated. The lines between marital and separate assets can be blurry, and the concept of equitable distribution relates to fairness instead of an equal split.
Due to the complexities of classifying assets and determining what is fair, you should make it a priority to retain skilled legal counsel for assistance. At Bruning & Associates, P.C., our team has the experience and knowledge necessary to protect your interests. We are ready to guide you in negotiating a settlement and with court proceedings, so please contact our firm today. You can schedule a free consultation with an Illinois property and asset division attorney, though an overview of the laws is also useful.
Allocation of Marital Property and Marital Debt
The Bruning & Associates, P.C. divorce lawyers can provide skilled and experienced counsel to achieve a favorable allocation of marital property and marital debt for you.
Exclusive Possession of the Marital Home or Residence
Retirement Accounts, Retirement Assets, Pensions
QDROs and QILDROs
Strategies for Addressing Property Division
Parties are encouraged to agree on property division, which is an advantage over going to court. The benefits are reduced costs and time to resolution, and you have more control to work out an arrangement that suits your situation.
A divorce court will likely order parties to participate in mediation to resolve differences, and the process can be quite effective. Often, with guidance from a trained mediator, you can compromise on how to distribute assets.
If litigation becomes necessary, you can trust our Illinois property and asset division attorneys to protect your interests. We will develop an effective trial strategy and sound legal arguments to convince the judge of your position.
Speak To Our Illinois Property and Asset Division Lawyers to Learn More
Our firm has offices conveniently located near you in Chicago, Schaumburg, and Crystal Lake, Illinois. We proudly serve divorce clients in property and asset division matters in northern Illinois, including Cook County, DuPage County, Kane County, McHenry County, Lake County, Will County, Boone County, DeKalb County, Kendall County, LaSalle County, and Winnebago County.