Aurora, IL Property Rights During Divorce Attorneys

Knowledgeable Lawyers Explaining Property Rights During Divorce in Aurora, Illinois

Understanding your rights during your divorce is essential. This can help you make sure you receive a fair share of the marital estate and are not left with too much debt. The laws governing property division can sometimes be confusing, and due to the strong emotions that may affect you and your spouse, navigating the legal process of divorce may become even more difficult. At The Law Office of Matthew M. Williams, P.C., we are here to provide you with the legal representation you need to secure the best possible outcome to your case.

Property Rights in an Illinois Divorce

Illinois follows the principle of equitable distribution, which means that marital property is not always split evenly down the middle during a divorce. Instead, assets and debts may be divided fairly and equitably based on the circumstances of the spouses and the contributions they have made to the marriage. This may result in a 50-50 split, but it could also result in a different division depending on the facts of the case.

It is important to distinguish between marital and nonmarital property. Marital property consists of anything acquired by either spouse during their marriage. Nonmarital property includes assets that either spouse owned before they were married, as well as any inheritances or gifts that one spouse received during their marriage. However, the distinction is not always so clear-cut.

Commingling and Transmutation of Property

In many divorces, disputes arise over whether certain assets should be considered part of the marital estate. This is especially true when nonmarital property becomes commingled or mixed with marital property. For instance, if one spouse owned a home before the marriage and later added the other spouse's name to the deed, a strong argument can be made that the house became marital property through transmutation. Similarly, depositing an inheritance into a joint bank account or using nonmarital funds for a down payment on a jointly-owned home may result in those funds being treated as marital property.

Identifying and Dividing Property and Debts

During the divorce process, both parties must disclose all property they own, including real estate, bank accounts, retirement funds, investments, vehicles, business interests, and personal possessions. Similarly, all marital debts must be identified, including mortgages, car loans, credit card balances, and other liabilities. Both marital and nonmarital assets and debts should be fully disclosed to provide a full understanding of the resources and needs of both parties.

Each asset and debt must then be considered in light of various factors, such as the length of the marriage, the financial contributions of each spouse, one spouse's role as a homemaker or caregiver, each party's economic circumstances, and the tax implications of certain distributions. At The Law Office of Matthew M. Williams, P.C., we can work with appraisers, financial analysts, and forensic accountants to ensure accurate valuations and full financial transparency. Whether your marital estate includes a single home and modest retirement savings or complex investments, business interests, or other high-value assets, our goal remains the same: to ensure that your financial rights are protected.

Partnering With an Experienced Property Division Lawyer

You may be particularly concerned about your rights if you owned your home prior to your marriage, contributed to a retirement account for many years, or received a sizable inheritance. These concerns are valid and should be discussed with a lawyer who is experienced in addressing such issues. Our attorneys can help you establish that certain assets are nonmarital property, and we will work to ensure that you can retain ownership of what is rightfully yours.

If you believe your spouse has attempted to hide income or assets or misused marital funds, it is essential to raise these issues early in the process. We will work to uncover asset dissipation or any other improper financial activity and ensure that your rights will be protected. With our help, you can receive your fair share of the property you own and make sure you will have the resources you need in the future.

Schedule a Consultation With Our Aurora Marital Property Division Lawyers

Understanding the financial aspects of divorce can be difficult, but with a skilled lawyer on your side, you can take steps to protect your rights and resolve any disputes that arise. Whether you are concerned about protecting your home, preserving retirement funds, or ensuring a fair division of debts, our team will work with you to develop a legal strategy that will help you achieve your goals. To schedule a free consultation, call 630-409-8184 or contact our Aurora, IL property division attorneys.