St. Charles Property Division Lawyers
After thousands of cases, we know how to obtain what is rightfully yours.
In many divorce cases, we must address issues involving property. Under Illinois divorce law, there are two categories of property in a divorce case: marital and non-marital property. With certain exceptions, marital property is property that either of you acquire during the marriage, regardless of how ownership is held. Non marital property is property owned prior to the marriage or property or money received by one of the parties as gifts or inheritances, which are kept separate from other marital money. Each party keeps his or her non marital property and the marital property needs to be divided.
Determining the value of marital property and dividing it can potentially be an antagonistic and a drawn-out process. After marital property is identified, we must value it before dividing it. Valuation is a complicated process and often requires help from valuation experts to set the value of a particular asset. Our firm has relationships with some of the foremost valuation experts in the state and country. Once valued we must develop a plan to either divide the property or allocate property to each of the parties. The large majority of states, including Illinois use an “equitable distribution” approach to divide property in a divorce case. This means that judges divide property fairly regardless of how title is held. While usually property is divided on a 50/50 basis, sometimes judges give one of the parties more than 50% if equitable circumstances warrant an alternative ratio.
We are experienced property division lawyers who know how to help you achieve your fair share of the marital property.
The process of property division typically begins at the beginning of the case. With the exchange of financial information and documents disclosing his or her income, property and other pertinent financial information. Sometimes this initial exchange is inadequate and we need investigate further. Issuing subpoenas and requests that the opposing party turn over specific documents are common methods to gather additional information.
Many of the cases we handle involve complicated financial matters. For that reason we employ a Certified Public Accountant (CPA) to help us analyze intricate financial information. We also hire experts such as certified appraisers to value property. Our firm has years of experience helping people achieve their fair share of the marital property.
When spouses are business owners
It is often challenging to determine the income of a spouse who is self-employed. Tax returns rarely tell the whole story. Our firm has extensive experience representing business owners and their spouses. If either party owns a business, we often employ business evaluators to help us determine the value. In divorce cases, judges typically do not allow the parties to continue as co-owners, without an agreement to do so. Therefore, we need to determine the value of the business so the spouse who continues to operate the business can purchase the interest of the other spouse. For example, if the business is worth $1 million, the other spouse would receive $500,000 or other property as an offset.
Call us to learn more about dividing your property and assets
Without trained and diligent representation to find out how much your spouse is earning and the value of marital property, you may fail to acquire all that may be owed to you under the law. For more information, please contact Peskind Law Firm at 630.444.0701 or email firstname.lastname@example.org.