Aurora, Illinois Property Division Lawyers

Experienced Attorneys for Asset and Debt Division in Aurora, Illinois Divorce Cases

The division of property is one of the most important aspects of a divorce. Whether your marital estate is modest or includes complex and high-value assets, the outcome of property division can have a massive impact on your financial future. At The Law Office of Matthew M. Williams, P.C., we can help you navigate the process of dividing your assets and debts while ensuring that your rights are protected.

With more than 20 years of experience in family law, we can handle all types of legal and financial concerns related to property division. We will work with you to negotiate a divorce settlement that will provide you with a fair and equitable share of your marital assets while protecting your financial interests.

Equitable Distribution in Illinois

During an Illinois divorce, property is not automatically divided 50-50 between spouses. Instead, the court will divide marital property in a way that is considered to be equitable, meaning that it is fair to each spouse based on the circumstances of their marriage and their individual needs.

In some cases, an equal division of property may be appropriate. In others, one party may receive a larger share of the marital estate to reflect income disparities, parenting responsibilities, or other relevant factors.

Types of Property Addressed in a Divorce

Marital property includes all assets and debts acquired by either spouse during their marriage. These assets are subject to division regardless of who made a purchase, whose name appears on the title, or who has used items most often. Property that may need to be addressed includes:

• Real estate property such as a couple's marital home, vacation homes, and rental properties
• Vehicles
• Household furnishings and electronics
• Bank accounts and investment accounts
• Retirement accounts and pensions
• Stock options, bonuses, and deferred compensation
• Business interests or partnerships
• Debts such as mortgages, car loans, and credit cards

Factors Considered When Dividing Marital Property

In most cases, spouses can benefit by working to negotiate a settlement agreement that will detail how all of their assets and debts will be divided. At The Law Office of Matthew M. Williams, P.C., we can help couples use collaborative law to discuss the financial issues in their divorce and reach agreements that will satisfy both parties.

However, there may be some situations where reaching agreements may prove to be difficult or impossible. In a contested divorce, a couple may need to leave decisions about the division of their property up to a judge. The judge will consider several factors to determine how property may be divided equitably, including:

• The length of the marriage
• Each spouse's contributions to acquiring property or increasing the value of marital assets
• The economic circumstances of each spouse, including the income they earn and the financial resources available to them
• The age and health of each spouse and other factors that may affect their financial well-being
• Obligations to pay child support or spousal support that will apply to either party
• Whether one spouse will have the majority of the parenting time with the couple's children and may need to stay in the marital home
• The tax consequences of property division
• Any dissipation of marital assets by either spouse
• Any agreements the spouses had made that could affect decisions about property division, such as prenuptial or postnuptial agreements

Addressing Complex Property

The property division process can become complex in cases involving high-value assets or other financial issues. At The Law Office of Matthew M. Williams, P.C., we have experience working with clients to address complex assets that may require special consideration.

We can help perform valuations of assets such as family businesses and professional practices, real estate property, stock portfolios and investment accounts, retirement benefits, intellectual property rights, and more. We work with business appraisers, forensic accountants, and financial analysts to ensure that all assets will be handled correctly during the divorce process.

Contact Our Aurora, IL Property Division Attorneys

At The Law Office of Matthew M. Williams, P.C., we are ready to provide you with experienced legal representation to help you protect what matters most to you. We will make sure all financial concerns will be addressed correctly during your case, and we will help you negotiate a property settlement that will meet your needs going forward. Call 630-409-8184 or contact our Aurora property division lawyers today to schedule a free, confidential consultation.