Understanding Asset Division in Divorce

Asset Division AttorneyDivorce is not something couples think about when they make the decision to spend their life together. Unfortunately, when things turn sour and the hard choice to get a divorce lurks around, the best thing to do is prepare for a divorce by consulting a divorce lawyer.

The Commingling and the Prenuptial Agreement

Both partners usually combine individual and marital properties with a mutual agreement. This agreement is termed commingling. Sometimes, the partners do not undermine the consequences of a commingling agreement if the marriage could end in a divorce.

Couples who want to have an equitable division of debts and assets should consult a debt division lawyer. The prenuptial agreement will be vital if such an agreement exists, it would be of great value when separating pre-marital assets. Some couples change their pre-marital property into a marital property by altering the asset from individual to joint ownership.

Marital and Pre-Marital Properties and their Equitable Distribution

Similarly, a premarital bank account of any partner or a spouse becomes a marital account if the other spouse makes deposits into the account regularly. Consultation with a divorce lawyer for equitable distribution of all marital assets is necessary for a fair decision.

If a spouse owned a house before the marriage but after marriage the mortgage on the house was paid for by both parties, then the house would be included in the marital property. Since both partners have shared the mortgage and other maintenance expenses on the house, it would become a joint asset.

The divorce and impending asset division laws are different in every state. In this regard, the state of Illinois allows you to have the right to agree to a reasonable settlement about asset division with your spouse. By consulting with an asset division lawyer, you and your partner can conduct a full asset value assessment and decide on the division of the assets.

Under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), a debt division lawyer can help a couple divide assets and debts depending on the income, age, health, skills, estate, and the needs of each partner, the potential to be employed and tax provisions.

Sometimes, it’s hard to determine the difference between marital and pre-marital property and this makes the division of assets a challenge. With marriage, the couple not only shares the assets like the marital property, they also share debt and other liabilities. A spousal support lawyer will determine the different contributing factors of each spouse and petition the court to assign alimony or spousal support to a partner if necessary.

For more information, or to schedule a free consultation, contact Law Office of Fedor Kozlov at 847-241-1299 to speak with an experienced attorney on this topic.

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