Property division occurs during a divorce. Whether it is a house or a business, all assets are considered when determining how property can be split in a divorce. If you are currently going through a divorce that involves the division of your property, a Homer Glen property division lawyer can help.
Going through a divorce can be difficult and emotionally draining. Property division alone can cause problems, especially if tensions are already high between spouses. Our legal team is here to help. At Vahey Law & Mediation, LLC, we have over 12 years of experience with property division cases, and we offer mediation services that allow you and your spouse to come to an agreement without court involvement.
Our mediation lawyer can provide an unbiased perspective and be helpful in resolving any disagreements you and your spouse may have regarding how to split your assets. We can also help you clearly identify which assets are marital property and which are separate property.
Illinois has one of the lowest divorce rates in the country, with 1.2 divorces per 1,000 residents as of 2023. In Homer Glen, about 4% of men and 5% of women are divorced. These low rates don’t mean divorce and property division are any less complex, especially when significant assets like investment accounts are involved.
When you hire a property division lawyer in Homer Glen, you will get someone with extensive knowledge of local laws. A lawyer from our firm can use their legal knowledge and experience from handling similar property division cases to help you protect your assets, reach a fair property division agreement, and answer any questions you may have about your case. We can also represent you in court if you and your spouse can’t come to an agreement together.
Marital property is any and all property that was acquired by either spouse during the marriage and is owned by both spouses. Many assets are considered marital property in Illinois. This includes, but is not limited to:
Under Illinois law, 750 ILCS 5/503, marital property is distributed equitably based on the needs of each spouse and the circumstances of the marriage. Some factors that the court considers when determining equitable property distribution include:
Marital misconduct is usually not considered when property is being distributed, but it can be if one spouse used the property for marital misconduct.
Generally, separate property is assets that one spouse acquired before getting married or during legal separation. Separate property can also include assets that the couple agreed to keep separate in a valid marital agreement and assets that one spouse inherited or was gifted.
There are some situations where separate property can become marital property through joint tenancy or commingling.
Joint tenancy is a common form of co-ownership, defined as both parties having an undivided interest in the property. The property can be co-owned even if it is still under one person’s name.
Property can also become commingled. This happens when spouses intentionally or unintentionally combine their separate assets. Commingled property can be considered marital property if a spouse significantly contributes to and increases the value of the property.
If one spouse contributes personal effort to the other’s separate property, i.e., using money from a separate bank account to contribute to a separate mortgage, they may be entitled to reimbursement. If the contribution was a gift or cannot be clearly traced, however, the contributing spouse may not be entitled to reimbursement.
A property division lawyer is a lawyer who handles property division matters amid a divorce. Our team has significant experience and knowledge of property division laws in Illinois and can be helpful in settling your case, whether that is through mediation or in the Will County Courthouse in Joliet. We can help determine how much property you and your spouse should each receive.
In Homer Glen, assets are divided based on the equitable distribution law. This means that the property will be distributed fairly, not equally, based on the specifics of the case, including the financial circumstances of each spouse and whether there are children involved. Spouses can come to an agreement for how their property should be divided outside of court; however, it must be fair to both parties to be approved by a judge.
Many different kinds of property can be considered when dividing property between spouses in Homer Glen. Any asset that was acquired during the marriage is considered. This includes real estate, financial property like bank accounts, stocks, and investments, furniture, cars, and more. In most cases, the property is solely marital property, but separate property may be considered if it becomes marital property
Separate property can become marital property in two different ways. Property that is separately owned can become co-owned through joint tenancy. In other cases, when property is commingled, it may be considered marital property. A person can also contribute to their spouse’s separate property and may be reimbursed for their contributions if it was not considered a gift and can be traced with evidence.
It may be hard to determine how your property will be divided amid a divorce. The team at Vahey Law & Mediation, LLC can help. We can advocate for you through mediation or fight for you in court to make sure your needs are met. Schedule a consultation today by calling, emailing, or visiting our office in Joliet. Don’t wait. Hire our property division lawyer today.
