Geneva, IL Property Division Attorney

Skilled Divorce Lawyers Assisting Clients With Asset Division in Geneva, Illinois

Division of assets, including property, is a common concern during divorce proceedings. Although there are many laws addressing this issue, there is also a great deal of confusion among the average person as to how property, assets, and debts will be divided. While the attorneys at Serrano Hanson & Hurtado, LLC can offer a basic overview, each situation is unique, and it is important to consult with a knowledgeable divorce attorney to ensure that you understand what to expect in your own divorce proceedings.

Illinois: An Equitable Distribution State

Illinois is an equitable distribution state. This means that the court will attempt to divide the property, assets, and debts fairly between the two spouses. However, it is important to remember that "fairly" is not the same as "equally." The court will weigh many factors when determining what goes to each partner, including the following:

• What each partner brought into the marriage;
• The duration of the marriage;
• The ability of both parties to earn an income;
• The custody arrangements; and
• The value of the property.

What "No-Fault" Means in Illinois Divorce

At the end of your marriage, you may have concerns about whether you could be penalized during your divorce for the collapse of your relationship. Illinois is a "no-fault" divorce state, which means that a couple only has to state that there are irreconcilable differences to initiate a divorce. The law also states that "marital misconduct" should not play a role in the decisions made during a divorce. As such, you cannot be punished for the collapse of your marriage, at least when decisions are made about child custody, spousal support, and asset division. A knowledgeable divorce attorney can make sure that you receive fair treatment while negotiating with your ex-spouse and working to resolve the outstanding issues in your case.

Marital vs. Non-Marital Property

In general, anything that was acquired during your marriage is considered marital property by the courts. As such, it will be included in the equitable distribution agreement. This could include anything from the family home to frequent flier miles accrued during the course of your marriage. Anything that either partner brought into the marriage remains non-marital property in the eyes of the court. Additionally, any inheritances or gifts received by one of the spouses are usually considered non-marital property.

In long-term marriages, it can be difficult to determine which assets are non-marital properties, as non-marital properties can become commingled with marital properties over time. This might include joint checking accounts, shared businesses, and mortgage payments made using marital funds. An experienced divorce attorney from Serrano Hanson & Hurtado, LLC can help you make this distinction as clear as possible.

When deciding on a fair division of property and assets, there can be a lot of room for discussion. As court-recognized mediators, our attorneys can help you negotiate with your former spouse and his or her attorney to try to find a settlement that everyone involved will find satisfactory. This option saves both spouses the trouble of going through the courts, and discussions can be held in a neutral space arbitrated by a third party.

It can be challenging to negotiate these emotionally fraught issues, but our team strives to provide the balance and calm that our clients need during this time in their lives. Although mediation may be a preferable option, we are willing to aggressively pursue the best interests of our clients in the courtroom, if necessary.

Contact Our Geneva Asset Division Lawyers

As your advocates, we will work with you every step of the way. If you need help with the division of assets during a divorce in Illinois, contact us today at 630-844-8781 for a consultation. Our divorce attorneys have over 50 years of combined experience, and we can provide informed guidance to help you achieve your goals. Serrano Hanson & Hurtado, LLC provides representation to clients throughout Kane, Kendall, DeKalb, and DuPage Counties, including Geneva, St. Charles, Batavia, South Elgin, and Campton Hills.