Arlington Heights Divorce Attorney Helps Clients with Fair Property Division Agreements
Many couples may not envision divorce when they exchange marital vows, but it is an unfortunate possibility. The emotional turmoil of divorce is disheartening and at Glasgow & Olsson of Schaumburg, Illinois, we strive to create an atmosphere of reason and calm for innately stressful legal matters. Drawing on a collective legal background spanning five decades, our attorneys are at the forefront of multiple areas of practice and therefore provide a comprehensive approach to complex divorce issues such as the division of marital assets and debts.
DuPage County, Illinois Complex Divorce Issues Lawyer
In Illinois, marital property must be equitably divided when a marriage is dissolved. In general, any property or asset acquired during a marriage is considered marital property. While there are exceptions, such as inheritance, absolute traceability is essential for characterizing property as jointly or individually owned. In addition, some assets have marital and non-marital components and must be carefully analyzed to ensure fair reimbursements for both parties.
According to Illinois laws (750 ILCS 5/503), non-marital property can be acquired:
- Through inheritance and gifting
- In exchange for inherited or gifted property
- After a legal separation
- Through the terms of a marital agreement
There are additional classifications for non-marital property and our firm has experience with accurate interpretation of complex property disposition laws to ensure the correct allocation of marital assets and property.
Commingled assets, stock options, business valuations, high net worth issues and retirement accounts require additional layers of expertise in asset characterization and our attorneys are well-equipped to handle every aspect of the divorce. We will evaluate the history of the marital assets and structure a response that carefully evaluates:
- Possible hidden properties or assets
- Unauthorized transference of property or assets
- Personal and joint tangible/intangible contributions
- Economic status of each party
- Custodial and non-custodial parents
- Future earning potential of each party
- Tax consequences and considerations
- Duration of and spousal conduct during a marriage
- Overall state of each party (i.e. health, education)
- Terms of existing marital agreements
A thorough evaluation not only requires knowledgeable legal counsel, but a strong desire to achieve justice in asset protection and provide equitable solutions during a challenging time. Whether you are going through or anticipating a divorce, we can help guide decisions to seek the best possible outcome now and for the future.
If you need assistance in your complex divorce matter, contact our office today. We are skilled in defining and navigating the fair distribution of marital assets. We serve clients throughout Cook, DuPage and Kane Counties. Our offices are in Schaumburg, Illinois, and we serve clients in Barrington, Barrington Hills, Geneva, Hoffman Estates, Rolling Meadows, Palatine, Wheaton, and throughout Chicagoland. Please call (847) 577-8700 today.