Knowledgeable Property Division Lawyers Protecting Marital Assets in Wheaton, IL
In Illinois divorce cases where a couple cannot agree on asset division, property is divided based on a principle called equitable distribution. This means that a couple's property and assets are not necessarily split down the middle, but instead, the assets and property gathered over the course of the marriage will be allocated as fairly as the court believes is just.
At Musielak & Rosinski LLC, our DuPage County divorce lawyers are dedicated to helping individuals through the marital property division process. Drawing on over 40 years of divorce and family law experience, we tailor our property negotiation strategies to suit the needs and financial situation of each client.
Determining How to Divide Property Fairly in a DuPage County Divorce
Even though you and your spouse will not be required to divide property in portions that are exactly equal, you will still want to make sure you will be able to own sufficient assets so that you will have the financial resources you need following your divorce. Some of the most important forms of property to address will include items you use in your everyday life. These may include your home, vehicles, furniture, and valuables such as artwork or collectibles. As you and your spouse work to negotiate a settlement that will detail who will own what property, you may use mediation or other methods to reach agreements. Ultimately, you will want to make sure you receive an equitable share of your assets while understanding the tax consequences of the decisions you make and other ways you may be affected in the future.
Your homes and belongings are not the only types of assets that you may need to split up during property division. Below are some of the types of monetary assets and accounts that may be divided between you and your spouse during your divorce:
- Pensions
- Retirement accounts, including 401(k)s and IRAs
- Stocks and bonds
- Business interests
- Social Security disability benefits
- Life insurance
Marital Debts May Also Be Subject to Division
Debt accumulated by both spouses during the marriage needs to be addressed as part of the property division process as well, so one spouse is not left carrying more than a fair share. We work with spouses to help them understand what happens to marital debt and how it can affect other parts of a property settlement. Our firm can also look into whether or not you may be responsible for a debt your spouse ran up solely for their own benefit rather than for both of you, such as certain credit card charges.
Negotiating Property Division Directly With Your Spouse in a Wheaton Divorce
Some spouses prefer to negotiate property division directly, without resorting to litigation first. This approach can save time and reduce costs, particularly when both spouses are willing to talk and compromise on major issues. Direct negotiation works best when finances are relatively straightforward and both parties trust each other to disclose assets honestly.
Even in a cooperative negotiation, having an attorney review any agreement before it is signed can help ensure the terms are fair and enforceable under Illinois law.
Contact Our Wheaton, IL Property Division Lawyers
To learn more about how we can help you address property division matters during your divorce, call the DuPage County law offices of Musielak & Rosinski LLC at 630-344-6525 or contact our Wheaton, IL asset division attorneys through this website with any questions you may have. We will provide you with a free consultation, and we will advise you on the best steps you can take to protect your interests as you work to end your marriage.