Equitable Distribution Attorney in Lake County, IL Ensuring Fair Property Division in Bannockburn, Cook County, DuPage County, Will County, and Throughout Northeastern Illinois
Property division is one of the most universal issues divorcing couples must resolve. Dividing marital assets can be a major source of disagreement as the spouses work to formally dissolve their marriage or civil union. When approaching matters of property division, regardless of whether those matters are highly adversarial or relatively amicable, it’s in your best interest to seek the guidance of a Bannockburn property division lawyer to help you understand Illnios property distribution law and the options available to you.
The Katz, Goldstein & Warren Law Firm has decades of experience assisting families throughout Northeastern Illinois in resolving property division disputes so they can move forward with their lives. To get started, contact us today for a confidential initial consultation.
Divorce Property Division in Bannockburn, Illinois
While not all marriages involve deciding custody arrangements for children or determining alimony payment amounts, nearly all spouses share property and assets to some degree. As such, disputes over property division are among the issues our family law attorneys handle most frequently.
Under Illinois divorce laws, property division is not automatically calculated equally between the parties. Rather, the concept of equitable distribution guides the legal division of property in divorce proceedings in the state. Equitable is not the same as equal, and it requires those involved in the legal matter to consider various criteria.
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224-422-2694Types of Property and Assets Divided in a Divorce
Under Illinois law, the types of property and assets that spouses must equitably divide in a divorce include the following:
- The marital home or primary residence
- Any other real estate properties
- All vehicles
- Household items of all kinds
- Financial assets, including savings accounts, investments, and retirement plans
- Businesses that one or both spouses own
Sorting out property can require a great deal of examination and analysis, especially when it comes to distinguishing between marital property and non-marital property. A Bannockburn property division lawyer can address the specifics of your situation and help you understand exactly how state laws and guidelines apply to your property.
Factors That Affect Divorce Property Division in Illinois
How do divorcing parties, mediators, courts, and others determine what constitutes a fair or equitable division of the couple’s property?
In some instances, an equitable distribution of property will generally look similar to an equal division of property. In other cases, this determination of who receives what assets might stray far from the 50/50 split that would occur if the property was split evenly instead of equitably.
There’s room for argument and interpretation in matters of equitable distribution of property in a divorce. In considering how to resolve property disputes, those involved in the decision-making process will consider factors like the following:
- How long the marriage lasted
- Whether valid prenuptial or postnuptial agreements specify any terms of division of property
- The contributions, including services as well as financial contributions, each spouse made to marital property
- Ways in which each spouse contributed to decreases in marital property value
- The age and health of each spouse
- Each spouse’s separate economic circumstances
- Each spouse’s financial needs and responsibilities
- Each spouse’s debts
- Each spouse’s support obligations from prior relationships (spousal or child support)
- Each spouse’s occupation and job skills
- Each spouse’s opportunities to attain income and assets in the future
- Whether one spouse is to be awarded alimony payments from the other spouse
Under the principles of equitable distribution, it may be considered fair, in certain scenarios, for a healthy middle-aged spouse to receive less of the marital assets than an older spouse in poor health who is unlikely to be able to support themselves. Alternatively, a scenario might exist in which a spouse who stayed at home to raise the kids and save the family childcare costs while their high-earning spouse worked outside the home may be entitled to more than half of the assets.
Every scenario is unique, and the potential approaches to equitable distribution of property vary depending on your individual circumstances.
This variability makes your choice of a Bannockburn property division lawyer particularly important. You need an attorney who can make a strong case for why a distribution of property that favors you is more equitable or why the distribution that your spouse is seeking is unreasonable.
Approaches to Resolving Property Division Disputes
Resolving property division disputes, like disputes over child custody and support payments, isn’t one-size-fits-all. A Bannockburn property division lawyer at the Katz, Goldstein & Warren Law Firm can help you identify approaches to settling these issues that align with your priorities and the level of cooperation between you and your spouse.
Negotiated Settlements
Most matters of property division in divorce are resolved through some form of negotiated settlement or agreement. Settlements can occur in the context of formal divorce litigation or outside it, achieved through more amicable means.
Mediation
Spouses who are willing to cooperate with one another, at least to some degree, might be able to work out their disagreements over property division, among other issues, in mediation. In the mediation process, both sides present their cases to a certified mediator. This neutral party facilitates discussion, helping to identify common ground between the divorcing spouses and ways the opposing parties can use those shared views to come to an agreement without the need for litigation or a trial. Mediation is a voluntary process and, while it isn’t appropriate for all situations, can be highly effective in helping spouses who wish to amicably resolve disputes find solutions.
Collaborative Law
Another alternative to adversarial litigation is collaborative divorce. With no mediator required, this process, carried out under the rules and procedures established in a written agreement, allows for the two divorcing spouses and their respective lawyers to seek solutions to disputes of property division and other matters through cooperative problem-solving. Having an equitable distribution attorney in Lake County, IL, who is experienced in collaborative law, like the Katz, Goldstein & Warren Law Firm, is integral to the collaborative process.
Litigation and Trial
It’s often best for divorcing spouses to settle their property division disagreements outside of court if at all possible since divorce litigation, and particularly trials, are time-consuming, costly, and often emotionally difficult. Drawn-out litigation and a court battle can chip away at the assets both spouses are seeking to receive, but a negotiated settlement can preserve these assets, benefiting both parties.
How the Katz, Goldstein & Warren Law Firm Can Help Resolve Property Division Disputes
The divorce attorneys at the Katz, Goldstein & Warren Law Firm regularly handle complex financial cases. We are prepared to deal with issues of discovery, valuation and allocation of assets in order to achieve the most beneficial property division for our clients.
Our Approach to the Stages of Property Division in Illinois Divorces
The process of dividing property in a divorce involves several stages.
- Discovery: During the initial discovery stage, your equitable distribution attorney in Lake County, IL, will undertake an investigation to ensure that all property has been identified, disclosed, and accounted for.
- Classification: Once the property has been identified, the property must be classified as marital property or non-marital property.
- Valuation: We will determine what property needs to be valued in order to establish the total value of all property in the estate.
- Dispute resolution: Finally, it’s time for you and your spouse to resolve your disputes over property division so you can move forward with the divorce and the new chapter of your life.
Throughout each stage of the process of dividing property in a divorce, you will benefit from the professional guidance and skilled legal representation a seasoned equitable distribution attorney in Lake County, IL, provides.
Exploring All Options for Property Dispute Resolution
There’s a lot at stake here, and you need to be able to pursue whatever approach to resolving disputes over property division best fits your needs. At the Katz, Goldstein & Warren Law Firm, our comprehensive services in divorce and family law means all options are open to you.
We can advise you, based on your unique circumstances, whether it makes sense to attempt to resolve your dispute through mediation or collaborative law. We can push for successful resolutions through negotiated settlements. As experienced trial attorneys, we’re prepared to commence litigation and take your case to court if needed.
Just as the marital assets to be divided are unique in each divorce case, the best path for resolving issues varies across individual situations. No matter what path forward you take, we’re equipped to help you secure a more beneficial outcome.
Why Choose the Katz, Goldstein & Warren Law Firm?
The Katz, Goldstein & Warren Law Firm is a leading choice for property division disputes throughout Northeastern Illinois. Choose us as your Bannockburn property division lawyer and reap the benefits of our experience and history of proven results.
Experience
Our firm has been known for excellence in family law services throughout the North Shore region of Illinois for more than 25 years. We have assisted countless families in resolving divorce disputes and moving forward with their lives. In every case we handle, we use the skills we have developed over decades of legal practice to overcome obstacles and develop effective strategies.
Results
Our goal in divorce cases is always to put our clients’ priorities first and focus on strategies to attain outcomes that benefit them in the ways that matter most. In property division disputes, this means developing a clear picture of what assets or belongings are most important to you and strategies for securing a resolution that aligns with your goals.
Contact a Bannockburn Property Division Lawyer Today at the Katz, Goldstein & Warren Law Firm for an Initial Consultation
In some divorces, division of property is the main or only hurdle to overcome. In other cases, it’s just the beginning, with child custody battles, disputes over alimony, and other issues all needing resolution. However big or small, complicated or simple, your divorce case seems, having professional guidance throughout the process can help you sort through the nuances of family law matters and progress your case forward.
For help from an equitable distribution attorney in Lake County, IL, contact the Katz, Goldstein & Warren Law Firm online or call us today.