The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

Yorkville Office By Appointment

Initial Consultations via ZOOM Available

Geneva divorce attorney property division

In an ideal world, getting a divorce would only affect you and your spouse. However, getting a divorce impacts everyone in your family, especially your children if you have any. Throughout your divorce, you will face many issues relating to your kids that must be settled, such as parenting time, allocation of decision-making responsibilities, and even child support. What you may not realize is that your children may also influence other areas of your divorce as well, such as property division. If you are going through a divorce, an Illinois divorce lawyer can help you determine your best scenario for asset and property division.

Considering Your Kids’ Feelings When Dividing Assets and Property

When you go through a divorce, you and your spouse are required to divide all marital property equitably among yourselves before you are able to finalize the divorce. While you may think that your children have nothing to do with those decisions, they may influence those decisions more than you think. Here are a few ways your children can influence your property division decisions:

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North Aurora divorce attorney asset division

When it comes to divorce, there are many different topics that must be covered to complete the process. One of the most important topics is the asset and property division process, which is notorious for being stressful for some couples. During the division process, you and your spouse will have to determine how you will divide everything from the value of your home, the money in your retirement accounts, all the way down to the vehicles in your garage. Dividing your assets is an important process, which is why legal guidance from an experienced Illinois divorce lawyer can be beneficial.

Factors to Consider

Before you get down to business about how to divide your vehicles, you should be sure to consider all relevant information. These factors can include:

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North Aurora property division attorney business valuation

The United States is known for many things, but one of the things that it is proudly known for is the welcoming and nurturing culture surrounding small businesses. According to the U.S. Small Business Administration, there were approximately 30.7 million small businesses in the country in 2019. If you are like any of the millions of Americans who own a small business, it is likely your most important and most valuable asset. This can prove to be tricky when it comes to divorce. You must determine what you will do with your company, but before you do, you will have to determine what your business is worth.

Methods for Valuation

The easiest way to deal with a business is to sell it and split the profits with your spouse. This, however, is not typically the desired route since most of the time, the business is the source of income. If you want to keep your business, typically you will pay your spouse a portion of the value of the company, but to do that, you must first determine the actual value of it. There are three basic approaches to valuing a business:

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North Aurora property division attorney

If you and your spouse own a home or other real estate, and you are planning to get a divorce, you must determine a way to divide the value of the home. In Illinois, marital property is subject to division in an equitable manner if you get a divorce. This does not necessarily mean that the value of all property is split in half and given to each spouse. Instead, the marital estate will be distributed equitably between the spouses based on a variety of factors. This means that one spouse could end up getting a larger portion of the marital estate. With that in mind, it is extremely important that you know the true value of your home before you begin the asset division process. Having your home appraised is a simple way to do this.

Benefits of a Home Appraisal

Home appraisers are often used when people want to sell their homes. An appraisal is considered an official “market value” of what a home is worth, and it can then be used to price a home to sell. Even if you do not plan on selling your home, getting an appraisal is an important step in knowing what your home is truly worth. Once you have it appraised, the appraiser will provide you with official documentation of your house’s value. This document can be used as proof of your home’s value in court or in negotiations involving the division of property.

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North Aurora divorce attorney property division

By far, one of the things that couples state is the most stressful during a divorce is the financial aspect of the proceedings. When you get a divorce, you and your spouse must come to an agreement as to how nearly everything the two of you own will be divided. This includes both tangible items, such as vehicles and your marital home, in addition to intangible assets and debts, such as bank accounts and credit cards. The courts encourage you to come to an agreement about the division of your property among the two of you, but that is not always possible. If the court must intervene, a variety of factors will be used to determine an equitable distribution of assets.

Dividing Marital Property

If you are like most married couples, you and your spouse probably jointly own most everything. This makes things easier during a marriage, but during a divorce, it can complicate matters. If you and your spouse both have your name legally attached to items such as vehicles, homes, other real estate property, or credit card debt, it may be confusing when it comes to dividing the property. Because many of these items cannot just be split in half, some creative methods are often used to accomplish the division in a fair manner.

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The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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