Chicago Attorney Helps You Obtain a Fair Property Division
Dividing property is often one of the most contentious aspects of a divorce. Depending on the number and kinds of assets, it can be hard to identify and value the marital estate.
One of the first steps during the discovery process is to determine which assets are marital and which are non-marital. If you have non-marital property, including inheritances, gifts and property owned prior to the marriage, this is non-marital property. This property should remain yours unless it was gifted to the marriage.
The next step is to identify the marital property. This is typically all the property acquired during the marriage. These assets are valued. At times assets such as a real estate, a small business or defined benefit pension plan are difficult to value so a real estate appraiser, an actuary or a business evaluator may be employed to help make an assessment.
After assets are valued the final step of divorce is to divide the property so that each party receives his or her equitable share. At times the parties can reach an agreement about dividing the assets, and at other times a judge may need to make the final determination.
These are a few of the factors a court will consider when dividing your property:
- The contribution of each party to the acquisition and preservation of marital property
- The duration of the marriage
- The relevant economic factors of each spouse
- The custodial provisions for any children
- The reasonable opportunity of each spouse for future acquisition of capital assets and income
As your Chicago divorce counsel, we will work with you to make sure your assets and liabilities are equitably divided. If you have questions about how Law Offices of Annette M. Fernholz P.C. can assist you with your divorce, call 312-683-0308 for a consultation or send an email.
Read more about High Asset Divorce Lawyer in Chicago