Lombard, Illinois Property Division Attorneys

Respected Divorce Lawyers for the Equitable Distribution of Assets in Lombard

In a divorce, you must divide your marital assets and debts. Illinois is an equitable distribution state, so the division will not necessarily be an even split. If your divorce is mostly amicable, you may not have many issues in deciding who keeps what. However, many couples argue about some or all of their debts and assets. Whether you can resolve these matters through negotiation or need to litigate, your choice of attorney will significantly affect the outcome of your case.

The attorneys at The Law Offices of Robert F. Kramer, Ltd. have over 40 years of combined legal experience, and our firm has been helping clients better their lives since 1997. With our meticulous attention to detail, we will carefully examine your situation to ensure that your best interests are protected. If necessary, we can find hidden assets or help you prove that your spouse intentionally depleted your accounts. We are well-known for the personal attention and support we provide, along with our exceptional legal representation in all manner of family law matters. Contact us today to see for yourself how we stand above the rest.

Understanding Equitable Distribution in Illinois Divorces

Most couples accumulate various assets and debts over the course of their marriages. One spouse may be the primary breadwinner, while the other may focus on caring for the home and children. Both of you may work full-time, with each of you contributing in different ways to your household chores and other responsibilities. Equitable distribution considers all contributions, financial and otherwise. Factors that can influence decisions about the division of marital property include:

• Each party's income or ability to earn an income
• The length of your marriage
• Any valid prenuptial or postnuptial agreements
• Each spouse's contributions toward your marital residence, including purchasing and upkeep
• Whether either spouse has squandered or is intentionally hiding assets

Either of you could have had assets and debts before your marriage. Those may be considered individual or joint property, depending on how you used or addressed them during your marriage. Inheritances could also be considered separate property or marital property based on similar criteria. Your lawyer will evaluate your situation, review your property division goals, explain your options, and support you at every step.

Debts and Assets Subject to Equitable Distribution in Illinois

With our assistance, you will need to compile a thorough list of both your assets and debts, indicating whether they are jointly-owned property or separate property. Your list may include:

• Collectibles, such as antiques, cars, and art
• Your marital residence and any other real estate holdings
• Financial accounts, like checking and savings accounts, investment accounts, and stocks
• Retirement accounts and pensions
• Household furnishings, lawn equipment, tools, and electronics
• Business interests
• Vehicles, including recreational vehicles and boats
• Valuable personal items

In most cases, personal items such as clothing and toiletries are considered individual property. Your debts may include car payments, a mortgage, medical bills, student loans, and credit card debt. You will need to provide detailed information about these debts.

Once we know what you have and what you owe, we may need to have several assets appraised to arrive at a reasonable value. Artwork, businesses, and jewelry are examples.

Resolving Illinois Property Division Disputes

If you and your soon-to-be ex cannot reach agreements on how to divide your property, your alternative is letting a judge decide. While The Law Offices of Robert F. Kramer, Ltd. has considerable experience winning cases, a trial typically costs more, takes longer, and relinquishes your control over the outcome. We can negotiate with your spouse and their attorney to formulate mutually agreeable solutions, or we can competently present your case in court. We will thoroughly explain the advantages and disadvantages as they pertain to your case and help you determine which dispute resolution method you wish to pursue.

Every divorce is unique, and the solutions need to reflect your specific goals and circumstances. We always tailor our proven methods to suit your needs best.

Call Our Lombard, IL Property Division Lawyers

You cannot afford to choose the wrong divorce lawyer, especially when it comes to ensuring that your property division is fair. The Law Offices of Robert F. Kramer, Ltd. offers free 30-minute consultations to discuss your needs and explain how we can help you. Contact us online now or call 630-785-2400 to schedule yours.