A Family Law Firm With Experience You Can Trust To Protect Your Assets
One of the largest concerns is how property will be distributed in the divorce. There are many rules that govern how this is determined. Illinois is an equitable distribution state, but this does not necessarily mean that everything will be divided equally. Keep in mind that certain assets cannot simply be sliced in half to give each person a fair share.
Having an experienced divorce attorney is beneficial in obtaining an equitable property division. Our firm is glad to assist clients with significant or modest assets.
Marital Vs. Nonmarital Property
There are two types of property in a divorce: marital property and nonmarital property. Most property that was acquired during a marriage is classified as marital property. The determination of marital property is independent of the name on a title or a deed, and both parties typically have an interest in the asset if it was acquired during the marriage. Marital property is subject to property division.
The court does not have the authority to divide nonmarital property. There are many types of nonmarital property, but some common types include:
- Gifts and inheritances
- Property obtained before a marriage
- Property obtained from a former spouse post-divorce
Often times, clients with high-asset holdings, multiple real estate holdings or retirement and investment accounts require additional attention. Our firm is experienced in the complicated and sensitive issues associated with high-asset divorce. We are equipped to help you manage your property division in a way that supports your long-term financial health.
Finding Effective Property Division Solutions
An attorney with years of experience helping clients with property division and divorce can help you ensure that you are not taken advantage of as you proceed with your divorce. At Fay, Farrow & Associates P.C., we have been defending our clients’ rights and helping them obtain their fair share for years.
With our unparalleled experience, you can rest assured that you are in good hands. Also, we do not charge for an initial consultation, so you have nothing to lose by inquiring about our services. Call us today at 630-230-1468 to learn how we can guide you through the divorce process.