Almost all divorce cases involve making a decision regarding the division of property and assets. In some cases, spouses are able to come down to a mutual agreement and no disputes arise, while in others, the case is taken to the court. The latter usually happens when there are significant assets involved and lifestyles are at stake.
Regardless of how complicated or simple your property division issue may be, it is imperative that you seek the legal assistance of a reliable and experienced property division attorney to ensure that your financial interests are protected. At the Law Office of Fedor Kozlov, P.C., our property division attorneys have helped many clients get fair property settlement in divorce and achieve a better position for their post-divorce life.
How Property Division is decided?
When spouses are unable to find a common ground and agree as to how they should divide the property, the settlement is decided through court proceedings according to Illinois State Law. In legal terms, there are different types of property divided during a divorce proceeding:
- Separate Property: This includes property that individual partners have acquired before their marriage or through inheritance or gift after marriage. Separate property also includes assets purchased with separate funds during marriage, and are not divided during divorce.
- Community Property: This includes property and debt acquired through the efforts of each spouse during their marriage. For example, earnings put in a joint account or any property bought using money from that account. Community property is generally divided equally between the spouses during divorce.
- Commingled Property: This refers to the property that is a combination of separate and community property. An example of a commingled property is a pension plan held by a partner from a job before and during the marriage.
In most divorce cases, the court divides property using the equitable distribution approach. Equitable doesn’t necessarily mean equal division; it refers to “fair” distribution. There are several factors on which the court decides what is equitable in each divorce case. They include:
- The source of certain assets
- Marriage length
- The mental and physical health of each partner
- Tax considerations
- The job prospects and work history of each spouse
- The type and liquidity of assets
How can our Attorneys help?
At the Law Office of Fedor Kozlov, P.C., our property division attorneys are compassionate and work with you to safeguard your rights. We carefully assess every detail of your property division settlement and help you resolve issues including:
- Business ownership
- Debt obligations
- Retirement accounts
- Pension benefits
- Real estate including primary residence, investment property, and vacation home.
- Uncovering hidden assets
- Stocks and other investments
- Other complex holdings
If you are going through a divorce and want to ensure fair property division, you should talk to an experienced property division attorney. Contact the Law Office of Fedor Kozlov, P.C. today at (847) 241-1299 to schedule a consultation with one of our experienced attorneys to evaluate your legal options.