What Do You Know About Property Division?
The end of a marriage often comes with many complexities, and one of those is property division. By working with a property division lawyer in Arlington Heights, Illinois, or Schaumburg, Illinois, you can simplify the process.
Our team at the Law Office of Robert S. Thomas has the experience it takes to handle property division. Although your divorce might seem never-ending, we can work toward resolving yours quickly and fairly. You don’t need to settle for less than you deserve.
The Difficulty Of Property Division
When couples go through a divorce, they often argue over the division of property. At times, it can be difficult to differentiate marital property from nonmarital property. Additionally, one spouse might feel more entitled to property than the other.
You and your spouse need to come to an agreement about property division or you risk leaving it in the hands of the courts. Illinois uses an equitable distribution system, which aims to be fair, but not necessarily equal. If you’re disputing the topic with your spouse, you should speak to attorney Robert S. Thomas. He can explain the laws regarding asset division. Furthermore, he can dedicate himself to your case. If you need to fight for your property in court, he can help.
Marital Vs. Nonmarital Property
One of the keys to property division is understanding the difference between marital and nonmarital property. However, this is one of the simplest issues of property division. In Illinois, marital property is anything you or your partner purchased after your marriage. Nonmarital property is anything purchased prior to your marriage.
Generally, nonmarital property remains in the hands of the original purchaser. But marital property is the usual area of contention. In a divorce, marital property is split according to state laws. If you and your partner can agree on a way to split the property, however, you can come up with your own arrangement.
With a mean household income of $88,805, Schaumburg residents have some disposable income. They sometimes use that income to buy vacation properties and make other investments with emotional attachments. When that occurs, property division becomes more difficult. In addition to dealing with the financial aspects of losing the property, you need to deal with the emotional ones.
After years of marriage, you and your partner probably accumulated a few meaningful properties. Our firm understands that your property is about more than money. For that reason, we will do our best to get you the outcome you want.
Illinois Property Laws
According to the Illinois Legislature, the courts use equitable distribution to divide property between divorcing spouses. A judge will strive to split your assets in a way that is fair, but not necessarily equal. To accomplish this fair distribution, the courts consider many factors.
There’s no way to be certain how a judge will divide property in your divorce. In each divorce, there are unique circumstances. Earning potential, contribution to education and other issues can impact the outcome. Additionally, assigning value to stock, pension and retirement accounts is no straightforward task.
Fortunately, working with someone who has knowledge of divorce law can help. Robert S. Thomas knows how to get you a desirable outcome. With his assistance, you could end up with a favorable property division.
Handling Cases Of All Sizes
In some divorces, property division is simpler. There aren’t as many assets, and the assets that do exist are easy to assign a value. However, other cases are much more challenging. They involve many assets and those assets are difficult to valuate.
Our firm can handle cases that range from simple to incredibly complex. Whether you just need advice on how to handle the situation or you need much more, we can help. After years of working in the niche, our firm has the tools and knowledge to get the job done.
If you’re ready to work with a divorce lawyer in Schaumburg or Arlington Heights, Illinois, contact us at the Law Office of Robert S. Thomas. We can help you with property division and other complex divorce issues.