Dividing Marital Assets And Debts In Illinois
When going through a divorce, one of the biggest fears people have is that they will not get their fair share of personal and other property. The family law attorneys of Kulinsky & Associates Ltd, have more than 50 years of combined experience helping thousands of people throughout Illinois achieve a fair division of property during their divorce.
“When I was getting divorced, a friend suggested ‘Contact Lois Kulinsky.’ I did. She is a fantastic lawyer. Now, I consider her a friend.” — John K. Marquette, Mount Prospect, Illinois. Read more testimonials.
We know you want to protect your assets, not spend them. Our fees are affordable and designed to fit your budget, and you can pay with credit card or through an installment plan. By working as a team, we maximize every dollar.
Marital Property Vs. Nonmarital Property
One of the most common misunderstandings of property division is the difference between marital property and nonmarital property. Nonmarital property is not subject to division according to marital asset division law. Marital property is. Nonmarital property includes assets accumulated prior to marriage, as well as inheritances and gifts that have not been combined with marital property. Marital property includes assets and wages accumulated during marriage.
The challenge is that nonmarital assets are frequently combined with marital assets. For example, a house might have been purchased prior to marriage, but payments were then made by both spouses with wages earned during the marriage. We have the experience to sort out nonmarital and marital property.
How Marital Property Is Divided In An Illinois Divorce
Illinois law does not require a 50-50 division of property. Instead, all factors need to be looked at, including child custody arrangements. Alimony, also known as spousal maintenance, may also factor into how property is divided. For example, if more property is awarded to one spouse than the other, a lower amount of alimony may be awarded with the larger amount of property. The key is that property division should be fair, and we are here to achieve that goal.
Contact Us For A Free, Half-Hour Initial Consultation
Contact us online to set up a free, half-hour consultation with one of our divorce lawyers about dividing your marital assets and debt. Or, call our offices in Wheeling and Buffalo Grove at 847-459-4448 or our other office in Libertyville at 847-281-0200. We offer reasonable rates and work as a team to keep your costs down. Credit cards and installment plans are accepted.