Palos Heights Marital Property Division Divorce Attorney

Asset Division Lawyer for Divorcing Couples in Oak Forest, Oak Lawn, and Orland Park

Many issues confront spouses as they begin the divorce process, including what happens to the possessions accumulated during their marriage. This involves everything from your home down to the silverware and placemats in it.

Marital property division in a divorce requires skilled legal representation like that offered by the Law Office of James A. Podgorny. If you and your spouse cannot agree on how to divide your possessions, we can take an aggressive approach, so you get what you rightly deserve, whether you are involved in a standard or high net-worth divorce.

What Is Marital Property?

Property acquired by a couple during their marriage is considered marital property, which is subject to division as part of a divorce decree. Non-marital property, which usually goes to one spouse who is the primary beneficiary, includes:

• Property received via gift or inheritance
• Property acquired prior to marriage, except in relation to retirement plans that carried over to the marriage
• Property acquired after the start of a legal separation
• Property excluded as part of a prenuptial or postnuptial agreement
• Property received by a spouse from a former spouse in a court judgment
• Income derived from non-marital property

The Law Office of James A. Podgorny can assist with the full financial accounting of your property. We can help ensure nothing is left out and that all items are accurately classified for proper allocation or division.

What Is Equitable Distribution?

In Illinois, equitable distribution is the division of all marital property in what the court determines to be a fair manner. This does not mean an automatic 50/50 split, but instead, weighs the following in the final determination:

• Each party's contribution to the acquisition, preservation, and increase or decrease in value of marital property
• The use of marital property by either party that did not benefit the marriage, such as an extramarital affair
• The value of property assigned to each spouse
• The duration of the marriage
• The projected economic situation of both spouses following divorce
• Obligations from prior marriages
• Prenuptial or postnuptial agreements
• The age, health, occupation, income, vocational skills, employability, liabilities, and needs of both individuals
• The allocation of parental responsibilities for each parent
• Whether asset allocation is in lieu of or in addition to spousal maintenance
• The potential of each spouse to acquire future capital assets and income
• Tax ramifications of the property division on each party's economic circumstances

In addition to assets, debts incurred during a marriage and prior to separation are also divided between the parties. This could include your mortgage, credit cards, medical expenses, and auto loans. The same factors listed above are considered in calculating an equitable distribution of all joint debts.

You can trust the Law Office of James A. Podgorny to serve as your legal ally throughout the property division process. We can work to facilitate a negotiated settlement with your spouse, which is the easiest and least expensive course of action. If that fails, we are prepared to advocate for you in court.

Contact a Cook County Divorce Attorney

The Law Office of James A. Podgorny strives to secure the best possible financial future for its clients so that once your divorce is finalized, you are ready to begin the next chapter of your life. For any questions regarding the divorce process in Illinois, including property division, contact a Palos Park divorce attorney at 708-448-5297 for a free consultation. We serve clients throughout Will County, Joliet, Crestwood, Palos Hills, Worth, Alsip, and Burbank.