Property Division

Divorce Attorneys Serving Clients in Schaumburg and Surrounding Areas

Providing Assistance with Your Assets During Divorce

None of us enter into marriage thinking that we will one day end up in a bitter dispute over the family home, retirement assets, Child Custody, etc. Unfortunately, even the most successful people often find themselves in these circumstances and needing assistance to ensure that they do not lose their security, or even to ensure that their children will be taken care of.

This is where a trusted, experienced advocate can help. Glasgow & Olsson offers that experience; we are accomplished in representing families in Divorce, property division, Child Custody, and related areas of Family Law
. We work with you through any and all complex divorce issues and concerns. We provide that small firm experience with the strength that comes with a large firm with extensive resources and experience. Contact us today and find out how we can help you.

Protecting Yourself

Obtaining a prenuptial agreement is a wise decision in order to ensure that any property and assets remain protected throughout marriage. This is especially important if you own your own business or have children from a prior marriage whose financial interests you want to protect. Regardless, many people still do not arrange for pre- or post-nuptial agreements, thus making property and asset division issues often more complicated during divorce.

The Property Division Law in Illinois

In Illinois, “marital property” is defined as all property (including debts and other obligations) acquired by either spouse subsequent to the marriage, except for the following (which is considered to be “non-marital property”):

  • Property acquired by gift, legacy, or descent;
  • Property acquired in exchange for property acquired before the marriage;
  • Property acquired by a spouse after judgment of legal separation;
  • Property excluded by a valid agreement of the parties, such as a prenuptial (or “premarital”) agreement;
  • Property obtained by judgment awarded to a spouse from the other spouse (with exceptions);
  • Property acquired before the marriage (except as it relates to retirement plans that may carry the characteristics of marital property);
  • Property acquired by a spouse by the sole use of non-marital property as collateral for a loan that is then used to acquire property during the marriage;
  • Property that constitutes the increase in value of non-marital property; and
  • Property that constitutes income from property acquired from any of the above (if it is not attributable to the personal effort of a spouse).

Illinois abides by equitable division, which is different from dividing everything equally. Many factors go into consideration of how marital property should be divided by the court, such as the relative value of the property, the duration of the marriage, the economic circumstances of the parties (including the desirability of awarding the family home to the spouse who will provide the primary residence for any children). However, the court does not take fault-related issues (such as fidelity) into consideration in making decisions surrounding marital property.

Attorneys Working for Your Future

Laws affecting our families and futures are complex. Working with an experienced attorney can help ensure that you remain protected throughout the process.

At Glasgow & Olsson, our Schaumburg property division attorneys will walk you through the process and help you understand every step of your complex divorce matter. We serve clients throughout Cook, DuPage and Kane Counties. Contact us today for assistance.