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Attorneys Dividing Marital Assets in DuPage County

Naperville, IL Marital Asset Division Lawyers

An Illinois divorce judge will order an equitable division of marital property, which is not necessarily the same thing as an equal division. To be "equitable" under the law, the division cannot place an unfair financial burden on either party. Generally, marital property is any property the couple acquired during the marriage, whether or not the party made a direct economic contribution.

Based on their years of experience, Pesce Law Group, P.C. attorneys know that preparation is a key to success. Since we work hard on the details, pieces of the puzzle fall into place. We also make the time to respond promptly to your calls and e-mails, so you are never uninformed regarding your case.

Classification

All property of whatever kind or character is presumed to be marital property if the parties obtained it between the exchange of vows and the judge's signature on the final decree, unless the property was acquired:

  • By legacy, gift, or descent,
  • After a judgment of legal separation,
  • Pursuant to a written spousal agreement, or
  • Due to the increase of non-marital property.

The name on the title is irrelevant; for example, if a couple purchased a car during the marriage and titled it in the wife's name, the vehicle is marital property, unless one of the exceptions applies.

Division

The judge applies a number of factors to effect an equitable division of the marital estate, including:

  • Any agreement between the parties,
  • Economic and non-economic contribution of each spouse,
  • Each spouse's age, health, and earning capacity,
  • An alimony award,
  • Duration of the marriage,
  • Custody of minor children,
  • Any dissipation (waste) of assets, and
  • Any other factor the judge deems relevant, except for marital misconduct

Judges typically approve any antenuptial agreement, as long as it is not manifestly unfair, and both parties are aware of all the possible ramifications.

Commingled Property

In many marriages, marital and non-marital property becomes intertwined. For example, a wife may sell a boat she bought prior to the marriage and invest the proceeds in the husband's business. In these situations, the entire property is considered transmuted, and the contributing estate has a claim for reimbursement. So, in the above example, the whole business is still the husband's non-marital property, but the wife has a claim for reimbursement regarding the sale proceeds.

A judge must typically balance competing interests to equitably divide a marital estate. For a free consultation with an attorney who gives you a strong voice in this process, contact our office at 630-352-2240.

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