St. Charles Property Division Lawyers
After thousands of cases, we know how to obtain what is rightfully yours.
After handling thousands of cases, we know how to obtain what is rightfully yours.
In addition to resolving child custody and support issues, divorcing couples must divide their property. Under Illinois divorce law, there are two categories of property: 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 individualy, prior to the marriage or property or money received by one of the parties as gifts or inheritances before or during the marriage. At the divorce, the court assigns each spouse his or her non-marital property and then divides the marital property.
Determining the value of marital property is sometimes antagonistic and difficult. Often valuation requires help from appraisers or other valuation experts. Once we obtain the value of the property, we must divide the property between the spouses. Illinois uses an “equitable distribution” approach to divide property in a divorce case. This means that judges consider a number of factors to divide property fairly regardless of how title is held. While usually judges divide property on a 50/50 basis, sometimes they give one of the parties more than 50% if it is fair to do so.
Many of the cases we handle involve complicated financial matters. Because of this, we have fostered relationships with some of the foremost valuation experts in the state and country.
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 vast experience representing business owners and their spouses. If either party owns a business, we employ business evaluators to help us determine the fair market value of that business. 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 valued at $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 determine what 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 jenna@peskindlaw.com.