Marital Property Division

In general, assets and debts acquired by either party during a marriage are classified as “marital” and thus subject to division. There are no formulas for dividing marital property, and a successful outcome depends on the goals of the parties and the negotiating skills of the attorneys involved.

Our attorneys have years of experience handling complex property-division matters involving businesses, significant assets, complex property holdings and bankruptcy. We consult with forensic accountants to identify assets that may be hidden in businesses or unknown bank accounts. This allows us to evaluate a client’s financial circumstances quickly.

To assess a client’s situation, our lawyers ask questions that include:

• Was an asset acquired during marriage?
• Was it inherited?
• Was it a gift or partial gift and from whom?

In addition to asking questions such as these, we talk with clients about the length of the process, the probable outcome, the cost, the mechanics of court determinations and hearings, and how a waiver of maintenance can influence property division. We urge clients to be prepared when they consult our attorneys about property division. This means that you should begin to locate appropriate documentation, including:

• Copies of tax returns
• Current pay stubs for each spouse
• Title documents for all real estate
• Statements documenting outstanding debts (credit cards, car payments, student loans and outstanding taxes)
• Retirement account information (pensions and 401(k)/503(b)/IRA accounts)
• Savings documentation (bank accounts and investment accounts)

Because we also offer clients bankruptcy representation, we are able to advise clients about the benefits and disadvantages of filing Chapter 13 or Chapter 7 bankruptcy before or during divorce.

Contact our Oak Forest marital property division attorneys for a free 30-minute consultation. Call us at 708-381-5427 to learn how we can help with property division in divorce.