Will County Property Division Attorney

Divorce Lawyers Assisting With Division of Assets and Debts in Mokena and Frankfort

Out of the many issues that must be settled during a divorce case, determining how to divide assets and debts can be one of the most contentious. The property a couple owns often has both monetary and sentimental value, and the strong emotions provoked during the breakup of a marriage can put couples at an impasse when determining who gets what. Having an experienced attorney on your side is essential for ensuring that property is divided fairly.

With more than 95 years of combined experience, the attorneys of Wakenight & Associates, P.C. can provide you with the legal representation you need when dividing assets and debts. We will help you determine the value of marital property and advocate on your behalf to ensure that your rights and financial interests are protected as you work to reach a positive outcome to your divorce case.

Equitable Division of Marital Property

Illinois law uses the principle of "equitable distribution" when dividing property between divorcing spouses. This means that rather than splitting assets and debts equally, property is divided in fair and just proportions, while taking a variety of issues into consideration, including the length of the marriage, each spouse's income and economic circumstances, and the tax consequences of property division.

Notably, only marital property is subject to equitable division. This includes any assets or debts acquired by the spouses during their marriage. Non-marital property, which will remain in the possession of the spouse who originally owned it, includes assets or debts acquired by either spouse before getting married or after separating, as well as property received by one spouse as a gift or inheritance. A prenuptial or postnuptial agreement may also be used to specify that certain property is considered non-marital property.

In some cases, determining the value of property and dividing assets and debts may be fairly straightforward, but these matters can become difficult to resolve in divorces involving high amounts of conflict. Our skilled lawyers can fight for your rights and work with you to reach a fair settlement. We can also help you address legal concerns about hidden assets or dissipation of assets.

High Asset Divorce Cases

Property division can become even more complex when a couple has a high net worth. In these cases, spouses may need to address issues such as the division of retirement plans, pensions, or investment accounts; ownership of multiple real estate properties or vacation homes; valuation of business interests; and protection of family-owned businesses. In addition to legal representation by an experienced attorney, assistance from outside experts such as forensic accountants or financial appraisers is often necessary to determine the value of a couple's property and ensure that assets are divided fairly.

Contact an Orland Park Asset Division Lawyer

Making the right decisions during your divorce is essential for protecting your financial future. When it comes to marital property, you will want to ensure that you receive your fair share of what you have worked to acquire during your marriage. At Wakenight & Associates, P.C., we will provide you with aggressive representation throughout your divorce, fighting to protect your rights and helping you achieve the best possible outcome to your case. Contact us today at 630-852-9700 to arrange a free consultation. We serve clients in Mokena, Tinley Park, Orland Hills, Homer Glen, Oak Forest, New Lenox, Joliet, and Lockport.