Orland Park, IL Property Division Lawyers

Skilled Attorneys Assisting with the Division of Assets and Debts in Orland Park, Illinois Divorce Cases

Of the different issues addressed during the divorce process, disagreements about the division of marital property can sometimes be especially difficult to resolve. Each spouse may believe that they should keep certain items, and they will both want to make sure they will have the financial resources to address their ongoing needs. Understanding what types of property will need to be addressed and how to resolve disputes may not be easy, but with legal representation from an experienced attorney, a person can make sure their rights will be protected.

At The Foray Hurst Firm, we understand that the divorce process includes many challenging issues. When dividing the property that was accumulated during your marriage, you will need to understand the laws that apply in your situation. Your marital property settlement or judgment will provide the foundation for your new post-divorce life. Our skilled team has the experience, tools, and resources to help you navigate the allocation of marital property while fully protecting your rights and best interests.

Property Distribution During an Illinois Divorce

Many people believe that a divorce entitles each spouse to receive half of everything the couple owns. While there are some states that use this type of standard, it is not used in Illinois. Instead, the divorce laws in Illinois state that property division should be based on the principles of equitable distribution. Equitable distribution means a couple's marital assets and debts must be divided fairly during a divorce, with no guarantee of an equal division.

The property division process generally includes three basic steps:

• Identifying Marital Property and Debts: Marital property includes any assets acquired by either spouse during the marriage, with limited exceptions for gifts, inheritances, and property addressed in a valid prenuptial agreement. Debts accrued during the marriage will also be considered alongside marital property, and both spouses will typically be responsible for ensuring that they are paid off.
• Assigning Value: In order to divide marital property fairly, it is important to know the value of each marital asset and debt. Valuations may need to be performed, including appraisals of a couple's home or methods that determine the full value of any business interests owned by either spouse. Complex valuations may require the help of outside experts, including real estate appraisers and financial analysts.
• Allocating Assets and Obligations: Many factors related to the marriage and divorce may be considered when determining how assets and debts will be divided. Each spouse's income, employability, contributions to the marital estate, parenting arrangements, child support or spousal support obligations, tax liabilities, and other factors may need to be taken into account.

As you address the property you and your spouse own, The Foray Hurst Firm can help you determine the best approach to take. We will make sure all assets are valued correctly and advise you on what steps will need to be taken to address the ownership of your family home, protect your business interests, and divide retirement accounts or pension benefits. We will work with you to negotiate agreements that will protect your financial interests.

Client-Centered Service

Our team has more than 30 years of combined family law experience. We are equipped to help you negotiate a property division settlement that will ensure you will have the resources you need to transition into the next stage of your life. At our firm, we believe this begins with getting to know you as a person and understanding your values and goals. By doing so, we will be fully prepared to protect your interests at the negotiating table or during courtroom litigation if necessary.

Contact Our Orland Park Asset Division Attorneys

If you have questions about how property division will be handled during your divorce, The Foray Hurst Firm can provide you with answers, and we can help you negotiate an agreement that will meet your needs. Contact our Orland Park, IL division of marital property lawyers by calling 312-702-1293 and setting up a confidential consultation at our office today.