As an asset division attorney, I know that one of the most complex parts of a divorce proceeding is the equitable distribution of assets between spouses. This is especially true when there are many high net worth assets that the couple secured during their marriage. During the process, not only your physical property is subject to division, but your debts and marital assets as well.
At the Law Office of Fedor Kozlov, P.C., we can guide you through the asset division process, and help you differentiate between marital and separate assets. Our attorneys assist you during negotiations with your spouse and their lawyer to make sure that your financial interests are protected and you remain financially stable after the divorce.
Settling Debt Division during a Divorce
The equitable distribution of assets is based on two important factors, i.e., differentiating between separately owned and marital assets, and proper valuation of marital assets. Generally, marital assets include any property acquired during the course of the marriage, regardless of in which spouse’s name they are. On the other hand, separate assets refer to property bought by either spouse separately, which may or may not have been used by both partners. In case a piece of real estate was bought before marriage and was remodeled using money from a joint account, the amount of appreciation till the divorce becomes a part of a marital asset.
During a divorce, the court takes into account numerous factors during an equitable asset division, including:
- Home and other real estate
- Insurance policies
- Social Security benefits
- Retirement investments and accounts
- The current income of each spouse
- Custody of the children
- The contribution of each spouse to the marriage, including homemaking and financial contributions
- Interests in closely-held or family-owned businesses
How our Attorneys can help in Asset Division?
When you hire our asset division attorneys, they carefully listen to you during the initial consultation and develop a complete understanding of your case. We untangle your finances and conduct a proper valuation of your assets so that we can work out on the terms and conditions of a fair settlement. We also guide you on whether the division of your assets is better through mediation or should you go for dispute resolution methods. Our asset division lawyers are well versed in the property division laws of Illinois.
If you decide to avoid the litigation process, we will assist you to negotiate with your spouse and their lawyer to reach a mutual agreement and work out several other aspects of divorce. This method is mostly preferred because it is cost-effective and saves both spouses from additional stress and frustration. If you want to go with dispute resolution, we will represent you in court and protect your rights.
At the Law Office of Fedor Kozlov, P.C., we have successfully represented clients in both negotiations and court proceedings and managed to protect their best interests. For more information about asset division during a divorce and how our attorneys can help you, contact the Law Office of Fedor Kozlov, P.C., today at (847) 241-1299 to schedule a consultation.