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Wakenight & Associates, P.C.

9405 Bormet Drive, Suite 7, Mokena, IL 60448

Mokena | 815-727-6144

DuPage County | 630-852-9700   Oak Park | 708-848-3159

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Orland Park divorce attorney lawyer for real estate ownershipWhen you decide to get a divorce, there are a slew of things that must be decided. You will have to figure out where you will be living and how you will be able to afford to live on your salary alone. If you have kids, you will need to figure out how you will split parenting time with your spouse and where your children will live. One of the biggest decisions you will have to make is how you will divide your marital property. In Illinois, marital property is considered to be anything that was acquired by either you or your spouse after you were married. If your home falls into that category, you also have to figure out how you will handle ownership of your marital home.

Divorce and Real Estate

One of the first things you should do when you are getting a divorce and trying to decide what you are going to do with your home is to get it appraised. This will help you know the value of your home, and it will also help you decide what you want to do with it. There are basically three options when it comes to dealing with your marital home during a divorce: 

  • Sell the home. The easiest and cleanest way to deal with your marital home during a divorce is to sell the home and split the profits. This ensures that both spouses are treated equally during the division process, and both spouses will likely end up with a little bit of cash (as long as you have equity in the home.) However, selling the home may subject you to capital gains taxes that may be owed on the home if it has appreciated significantly.

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 New Lenox divorce lawyer for hidden assetsNo matter the reason you and your spouse are getting divorced, there is probably some sort of tension between the two of you, even if it is just a small amount. In divorces involving couples who have a lack of trust, it is not uncommon for the property division process to be long and contentious. When you begin the process of allocating your assets, you and your spouse will have to provide information about all of your assets and debts. Full disclosure is required, though it is not always given. If you suspect your spouse is hiding assets from you, you should begin the process of uncovering those assets right away. Here are a few ways you can look for hidden assets if you suspect your spouse is not being truthful:

Start With Tax Returns

The first place you should begin to look for hidden assets is in your spouse’s tax returns. Get copies of his or her tax returns from at least the last five years and examine them closely. Look at the sources of income that are listed, itemized deductions that were taken, capital gains and losses, and profits and losses from any businesses.

Check Bank Account Statements

Next, begin to examine your bank account statements from any financial institutions that you bank with. Look at both checking and savings accounts. You should be looking for any unusual deposits or withdrawals. Also, look for any canceled checks and who they are made payable to. You may be able to reveal the purchase of an investment or other property.

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Elmhurst, IL property division lawyerFor many people, getting a divorce is the hardest and most stressful thing they will do in their life. Divorce involves legally separating yourself from the person you have been with for years. Not only do you have to deal with the legality of a divorce, but you also have to deal with the emotional ramifications. When it comes to property division during a divorce, both the legal and emotional aspects are involved. Much of the property that is divided in a divorce has both sentimental and monetary value, which is why property division can be so contentious. If you are getting a divorce, it is important that you understand Illinois law affects the way property is divided.

Marital or Non-Marital Property?

Before any property division can occur, you must first know what property is actually subject to being divided. In Illinois, all marital property is subject to division, whereas non-marital property is not. Marital property includes any and all property or debts that were acquired by either spouse after they were married and before they separated. A few exceptions to this rule exist, and depending on the circumstances, some assets may be considered to be non-marital property. Examples of non-marital property include:

  • Anything acquired by gift, legacy, or descent, as well as property that was acquired in exchange for this type of property;
  • Anything that was acquired in exchange for property that was acquired prior to the marriage;
  • Property acquired by either spouse after they were legally separated; and
  • Property that is specifically excluded from the marital estate, as stated by a valid prenuptial or postnuptial agreement.

Factors Used for Consideration

It is always better to come to an agreement about property division with your spouse rather than relying on someone else to do it. In some cases, settling this issue fairly without legal intervention is impossible. If a judge has to make decisions on how the marital property will be divided, he or she will look at a variety of factors, including:

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Orland Park asset division attorneyGetting a divorce is a major change in your life. When you are married, almost every aspect of your life -- bank accounts, credit cards, living arrangements, mortgages, and even personal belongings -- becomes intertwined with your spouse’s. Though this can make life simple during your marriage, it can end up making things difficult when you decide to get a divorce. 

Factors for Consideration During Asset Division

Before the judge will begin dividing marital property, he or she will first make determinations about what is and is not subject to division. Only marital property is subject to division in Illinois divorces. Marital property includes any assets or debts that were acquired after a couple was married. When dividing marital property, the judge will consider the following factors:

  • Each spouse’s contribution to the acquisition and/or increase/decrease in value of marital property
  • Whether either party dissipated marital assets
  • Whether or not either spouse contributed to the household as a homemaker
  • The value of the assets assigned to each spouse
  • How long the marriage lasted
  • The economic circumstances of each spouse
  • Any obligations that either spouse has from a prior marriage
  • Any valid prenuptial or postnuptial agreements in place
  • The age, health, occupation, sources of income, employability, vocational skills, and needs of each spouse
  • The parenting arrangements for the couple’s children, if applicable
  • The opportunity for each spouse to acquire future assets or income
  • The tax consequences of the asset division for each spouse

Get in Touch With a Will County Asset Division Attorney

In your divorce case, the judge must resolve all the issues in your case for the case to be resolved. Dividing up your assets and debts is just one of many issues you must handle. At Wakenight & Associates, P.C., we can help you come up with a property division agreement that you and your spouse both agree on. Our skilled New Lenox, IL property division lawyers will advocate for your best interests in all matters during your divorce. Call our office today at 815-727-6144 to schedule a free consultation.

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