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Lawyers for the Division of Assets in Kane County

Elgin Marital Asset Division Lawyers

Geneva Marital Property Distribution Attorneys

Marriage entangles two people's lives in a way that little else can. Undoing financial entanglement during divorce can be a complicated and stressful legal process. Fortunately, it is a process that you do not have to manage alone. The knowledgeable attorneys at MagnusonRapp Law, LLC have years of experience helping divorcing couples resolve disagreements about their marital estate. Whether it is during negotiations or divorce litigation, we offer aggressive advocacy for clients involved in a range of property division disputes.

Illinois Law Regarding the Division of Marital Property

States differ with regard to how marital property is handled during a divorce. In Illinois, if a divorcing couple cannot reach an agreement about which spouse will retain which property, the courts decide a property division arrangement based on a method called "equitable distribution." According to the principles of equitable distribution, a couple's property is divided equitably or fairly, but not always evenly. Furthermore, only marital property, meaning property acquired by either spouse during the marriage, is divided by Illinois courts during a divorce. Property that was obtained by a spouse before the marriage or property that was acquired through inheritance or gift is not typically considered marital property.

The marital estate may include a number of different types of assets, such as:

  • Bank accounts
  • Real estate holdings
  • Retirement and pension plans
  • Investment accounts
  • Brokerage accounts
  • Life insurance
  • Stocks and stock options
  • Businesses
  • Household furnishings
  • Vehicles, boats, and more

Many divorcing spouses do not realize that an asset may be considered marital property even if only one of the spouse's names is on the title. As long as the asset was obtained during the marriage, it is likely to be considered part of the marital estate and subject to division.

Experienced Divorce Attorneys Advocating on Your Behalf in Naperville

Illinois courts consider many different factors when determining an equitable distribution of property during divorce. If there is no valid prenuptial agreement or postnuptial agreement describing property division, the court will make property division decisions based on factors that include but are not limited to:

  • Each spouse's contribution to the marital estate including the nonfinancial contributions of a spouse acting as a homemaker or stay-at-home parent
  • The duration of the marriage
  • Each spouse's economic circumstances, income, employability, age, and health
  • Any spousal support or child support obligations from a previous marriage
  • Parental responsibility arrangements
  • Whether spousal support is being sought by either spouse
  • Any claims of dissipation, or wasted assets
  • The tax consequences of property division

Complex Asset Division Cases

At MagnusonRapp Law, LLC, we realize that dividing marital property can be relatively easy, or it can be the single most contentious aspect of your entire divorce. Complications can also arise when the marital estate includes high-value assets, complex business holdings, or real estate investments. Regardless of the situation, you deserve to receive an equitable share of your marital estate, and we will work hard to ensure you get it. Our attorneys treat every case as if it is headed for trial, even as we negotiate in good faith. If negotiations break down, we are fully prepared to put our litigation experience to work for you inside the courtroom.

Call 630-402-0185 for Help

If you want to learn more about how property is divided in an Illinois divorce, contact our office to get the answers you need. Call 630-402-0185 today and schedule a free consultation. We represent clients in Kane County, Geneva, St. Charles, Batavia, Elgin, Elburn, DuPage County, Wheaton, Naperville, Kendall County, and the surrounding areas.

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