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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Batavia divorce attorney property division

In any divorce, dividing the marital assets can be a stressful process. Many spouses focus on the large and obvious assets, such as the marital home or the vehicles. Couples may forget that there are numerous other assets that should be considered when coming to an agreement on property division, including bank accounts, investment accounts, retirement funds, and even everything that you own inside your home. Property division can be complicated, but things can become even more complicated when a business is involved. If you are getting a divorce and you are a business owner in Illinois, it is important that you speak with an Illinois divorce attorney about your case.

Considerations to Keep in Mind About Divorce and Your Business

When you are a small business owner, your business is likely one of the most important and valuable assets that you own. As such, you are going to want to be sure that you do everything in your power to ensure a fair distribution of the business. There are also certain things that you should keep in mind about the structure of your business and how day-to-day operations will be run after your divorce is final. Here are a few tips to keep in mind when divorcing as a business owner:

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Illinois divorce attorney, Illinois family lawyer,When you are married for a long period of time -- even if it is just for a few years -- you are bound to have many shared assets that you have accumulated over time. Dividing your assets during a divorce can be messy and complicated, especially if both of you want the same things. Illinois courts prefer for couples to try to divide up their assets on their own before the responsibility goes to a judge, but sometimes a judge is very much needed to settle disputes. When they say everything must be split up, they mean everything -- even unusual assets that you may not think about much.

Marital vs. Non-Marital Property

Before you can divide anything in your marriage, you must first determine what property must be divided. In Illinois, only marital property is subject to division. Non-marital property remains with the spouse whose property it is. Marital property is any property, including debts and other types of obligations, that either spouse acquires during the marriage. The exception to that rule is non-marital property, which includes:

  • Property acquired by gift, descent or legacy;
  • Property acquired in exchange for property acquired before the marriage;
  • Property acquired by a spouse after a legal judgment of separation; and
  • Property excluded by a prenuptial or postnuptial agreement.

Physical Property

Property that is a real object and can be touched is physical property, which is probably what you think of when you think of property division. Physical property that is subject to division can include:

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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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