Protecting Your Rights In Naperville Property Division

For most people, divorce comes with a heavy financial price: the division of assets you accumulated during your marriage, including property that you may have thought was yours to keep. To come out of your divorce with your assets as intact as possible, it’s important to seek advice from an experienced lawyer as soon as possible.

At Blacha Law Office, LLC, we help business owners, professionals and others in Naperville, Joliet and the surrounding areas achieve a fair division of marital assets and debts. If a divorce is in your future, we offer a free consultation to discuss your case.

How Is Property Divided In An Illinois Divorce?

Property can be classified in one of two ways: martial and separate. During a divorce, only marital property is divided.

Separate property includes assets owned before your marriage. A few common examples are:

• Gifts
• Inheritances
• Property owned/acquired before marriage

Marital property is subject to equitable division. All assets acquired during marriage can be divided during your divorce. These typically include:

• The marital home
• Vehicles including cars, boats, and RVs
• Household items
• Savings accounts
• Retirement accounts, including pensions (portions earned during marriage are considered marital property)
• Investments
• Insurance policies

Sometimes, financial records and assets have a way of disappearing on the cusp of a divorce. Spouses may hide assets, and drain savings and checking accounts. We will take every step that is necessary to protect your financial interests in divorce.

What Types Of Property Can We Help With?

This process can be complicated, especially for couples with a lot of assets. Our attorneys have experience in all types of divorce situations and are well-equipped to help you sort through things efficiently. We can provide skilled evaluation of assets including:

• Household furniture
• Vehicles and other property
• Stock options
• Family businesses
• Retirement accounts including 401ks and pensions
• Real estate holdings
• Savings accounts and trusts
• Health and life insurance accounts

We’ll work with you to determine the value of your marital assets, and ensure you get a fair settlement. We’ll help you find and account for all your assets and figure out a way to distribute them effectively. With years of experience, we know how to help you get what you need to start the next chapter of your life.

Other Commonly Asked Questions

Divorce comes with a lot of unknowns. Here are the answers to some other frequently asked questions about property division.

What happens to a house that was purchased before marriage?

Property purchased prior to marriage is considered “separate property.”These assets are not divided during divorce and are left with the original owner.

Are separate bank accounts considered marital property in Illinois?

Even a bank account in your own name is not considered separate property if it was established during the marriage. However, a bank account in your name, set up before your marriage, with money earned prior to marriage, is separate property and not subject to division during the divorce process.

How do judges decide the equitable distribution of property?

After determining what assets are marital property, the division of these assets is usually up to a judge if an arrangement cannot be made between you and your spouse.

Judges do their best to divide your assets equitably, typically based on a few factors including:

• Length of marriage
• Child custody arrangements (where necessary)
• The economic circumstances of each spouse after divorce
• The individual contributions of each spouse to the assets, from acquisition, preservation and changes in value
• Each of your potential to earn income and assets in the future
• Alimony
• The value of each spouse’s separate property
• Tax consequences for the divided property

These are just a few examples of the things the judge may consider when making decisions about property division. One of our attorneys can help give you a better idea of your circumstances and the value of your assets.

Let Us Help You Transition To The Next Phase Of Your Life

To discuss the division of marital property with an attorney, call 630-283-1987 or email the firm. We have offices in Naperville and Joliet, and we serve clients in DuPage and Will counties. We are also fluent in Polish.