DuPage County Asset and Debt Division Attorney

Lawyer for Dividing Marital Property in Wheaton and Warrenville

One of the most significant life changes that comes with the end of a marriage is the necessity of dividing all property belonging to the marital estate between the two spouses. This process is often rife with conflict and disagreement, as both parties have a vested interest in remaining financially stable and maintaining ownership of certain assets that can help them move forward comfortably after the divorce.

As you prepare for your divorce, it is important to work with an attorney who can help you protect your financial interests and ensure a fair division of property that meets your needs. At Hensley Sendek Law, our Attorney Jessica Sendek has over 10 years of family law experience, and she will provide the one-on-one attention you deserve as she works to achieve a positive outcome.

How is Property Divided in an Illinois Divorce?

There are two important considerations to note when it comes to the division of assets and debts in an Illinois divorce. The first is that not all property belonging to both spouses must be divided. Assets acquired before the marriage or through certain means including an inheritance or gift may be considered non-marital property, and they are likely to stay in the possession of the spouse who has ownership of them. Most assets acquired during the marriage, however, are considered marital property, and therefore must be divided.

The other consideration is that Illinois requires a distribution of property "in just proportions," which could mean that one spouse is granted a larger share of marital assets than the other, depending on the circumstances. In order to ensure a fair and equitable division, the court will consider a variety of factors, such as:

• Each spouse's contribution to the value of marital property, including financial contributions and contributions to the home and family
• The length of the marriage
• The age, health, needs, and financial situation of each spouse at the time of the divorce
• The relationship between property division and the allocation of parenting time and parental responsibilities for minor children
• The terms of a valid prenuptial or postnuptial agreement that addresses property division
• Any dissipation of marital assets, meaning the use of marital assets for a purpose not related to the marriage, on the part of either spouse
• Whether it is appropriate to award spousal maintenance

Dividing Marital Assets and Debts

During the course of a marriage, a wide variety of properties may become part of the marital estate. Some types of property that may be included in the division of assets are:

• The couple's primary home, as well as other real estate properties
• Bank accounts, investments, and retirement accounts
• Businesses and professional practices
• Vehicles, furniture, artwork, appliances, jewelry, and other valuable or sentimental household items

Marital debts must be divided equitably along with assets. Some debts, such as a mortgage or a vehicle loan, are closely tied with properties, and a spouse who is granted a home or vehicle will often be granted the debt associated with it. Other marital debts that may need to be divided include credit card debt, medical debt, and student loan debt, provided that they were incurred during the marriage. As part of the division of debt, it is often important to refinance or adjust the terms of a loan after the divorce so that the correct spouse's name is listed.

Your attorney can help you take stock of the value of all marital assets and debts that must be divided and advise you on the best course of action for pursuing an outcome that protects your interests, whether that is through negotiations with your spouse or courtroom litigation.

Contact a Wheaton, IL Property Division Attorney

If you need legal guidance and representation for the division of marital property and other divorce matters, contact us at 630-358-9029 for a free consultation. We strive to provide affordable, cost-efficient services, and we represent clients in DuPage County Kane County, Will County, and Cook County, including Wheaton, Warrenville, Winfield, West Chicago, Naperville, Glen Ellyn, Lisle, Lombard, and the surrounding areas.