Protecting Your Rights When Dividing Marital Property
One of the most contentious aspects of many divorces is determining what assets should be deemed marital property and how to divide those assets. It is common for parties to spend an unfathomable amount in legal fees fighting to secure what they believe is rightfully theirs.
At Law Office of Mary Davis, P.C., I encourage a sensible approach to the division of marital property. My aim is to help my clients protect their rights and secure their financial future for post-divorce life while being careful not to engage in disputes that simply aren’t worth it.
Understanding Equitable Property Division
Illinois is an equitable division state, meaning that all marital property will be divided “equitably.” This does not mean that parties automatically divide assets 50-50. Instead, if the parties are unable to reach an agreement on how to divide marital property, the court will decide who gets what based on a number of factors. These include:
- Each party’s contribution to the value of the marital estate, including a spouse’s role as a homemaker
- The duration of the marriage
- Allocation of parental responsibilities
- Each party’s situational status, including their age, health, sources of income and vocational opportunities
- Whether spousal maintenance will be awarded
- Tax consequences
As with other aspects of divorce, I aim to resolve property division issues through negotiation and, if necessary, arbitration. In addition to reducing the stress and cost involved, it allows both parties to retain more control over the look and feel of their agreement.
Complex Assets Require Sophisticated Agreements
Couples who have extensive and complex assets must be careful to obtain accurate valuations of those assets and will require a more intricate agreement on how to divide them. I have experience working with high-asset cases involving multiple real estate holdings, large retirement accounts, professional partnerships, small businesses and other complex assets. I work with highly regarded professionals who can help determine the proper valuation of all types of assets.
How you divide marital property in divorce has long-term consequences. It plays an important role in determining your financial security in the next phase of your life. I am intent on protecting my clients’ rights. If a fair agreement cannot be reached without litigating, I am always prepared to advocate in court on my clients’ behalf.
Protect Your Future
Don’t take chances with your financial foundation. I am ready to protect your rights regarding property division in divorce. Call 630-748-8819 or use my online contact form to schedule a consultation.
I have earned a strong reputation in the Greater Chicago area, representing residents of Cook, DuPage, Kane, Kendall, Will and surrounding counties.