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 idea that spouses must equally divide their property in a divorce is a common misconception. It is common for the court to begin with the assumption that property and debt will be equally allocated to the divorcing parties. However, the court will also consider a number of other factors including without limitation the earning capacity, non-marital property, and health and well-being of the divorcing parties. It is not unusual for the party with less earning capacity, less non-marital property or serious health issues to receive more than half of the marital property and less than half of the 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

In some divorce cases, it is impossible for the divorcing spouses to live together peacefully while the divorce case is ongoing. In such cases, the divorce lawyers at Bruning & Associates, P.C. have the education, knowledge, training, skill, experience, and expertise necessary to obtain a court order awarding you exclusive possession of the marital residence or home requiring your spouse to find other accommodations.

Non-Marital Property

The idea that spouses must equally divide their property in a divorce is a common misconception. Non-marital assets of a spouse are not subject to equitable distribution. For example, an inheritance received by one spouse may not be considered marital property unless it is commingled with other marital assets. The Bruning & Associates, P.C. divorce lawyers can provide skilled and experienced counsel to protect your non-marital property rights.

Hidden Assets

Although Illinois law requires all parties in a divorce to disclose all their assets and income, it is very common for divorcing spouses to hide assets from each other. Our skilled divorce attorneys have the experience and knowledge to discover and identify hidden and/or unreported income and assets.

Retirement Accounts, Retirement Assets, Pensions

The protection and/or division of retirement accounts, retirement assets, pensions, pension benefits, and pension-related survivor benefits in divorce cases can be complicated and difficult to understand for individuals and lawyers unfamiliar with the state and federal laws governing retirement accounts and pensions. The skilled team of divorce lawyers at Bruning & Associates PC have the education, training, experience, skill, and expertise necessary to resolve issues regarding disputes over Pensions, 401(k) accounts, IRAs, SEP Plans, Simple Plans, 403(b) Plans, 457 Accounts, TRS pensions, SURS Pensions, IMRF Pensions, and other retirement assets.

QDROs and QILDROs

An Illinois Qualified Domestic Relations Order also referred to as a “QDRO” is a court order which transfers all or a portion of one spouse’s retirement assets to the other spouse in a divorce case. A Qualified Illinois Domestic Relations Order also known as a “QILDRO” is a court order which transfers Illinois public employee retirement and pension benefits of one spouse to the other spouse in a divorce case. The Bruning & Associates, P.C. skilled divorce lawyers have substantial education, training, experience, and expertise with respect to QDROs and QILDROs. Your retirement accounts are sometimes among your most valuable assets.

Strategies for Addressing Property Division

While Illinois applies the principles of equitable distribution for asset division, keep in mind that divorcing spouses are not bound by these laws. Bruning & Associates P.C. can advise you on other options for resolving disputes, such as:

Marital Settlements

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.

Mediation

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

It is helpful to review some background information about how the laws work, but you will need solid legal representation to navigate the complexities in a real-life divorce case. For more information, please contact an Illinois property and asset division lawyer at Bruning & Associates P.C. to set up a no-cost consultation.

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.

Chicago

Crystal Lake

Schaumburg