Orland Park Division of Property Lawyers

Divorce Attorneys Serving Tinley Park, Mokena, and Oak Forest

When a couple gets married, they build a life together and share almost everything. When a divorce occurs, they have to figure out how to divide all of the property they have acquired. In these situations, it is important to have an experienced family law firm on your side. The Orland Park law office of Anderson and Associates, P.C. can assist you with divorce proceedings, including property distribution matters.

Marital Property and Assets

Property acquired after a marriage is considered marital property, though there are some exceptions. Non-marital property is usually owned prior to a marriage and is in the name of one spouse. A few examples of non-marital property are:

• Property received as a gift or through inheritance
• Property acquired after legal separation
• Property protected by the terms of a prenuptial or postnuptial agreement

In the state of Illinois, marital assets are not necessarily subject to a 50/50 split. Illinois law requires property to be equitably divided, meaning that both parties are entitled to a fair award based on the following factors:

• Contributions of each party
• Estimated future earnings of each party
• Enforceable marital agreements
• Tax considerations and liability
• Child custody and child support
• Maintenance/alimony

Other aspects such as the age and health of each individual may play a role. Our firm is committed to working through all the details for a favorable outcome of your property division case. We offer solutions through negotiation or litigation in court.

Determining Ownership of Property

Asset characterization is one of the first steps to dividing marital assets. Just because a person's name is on an account does not mean it is their sole property. Our attorneys evaluate the classification of each asset with care.

Shared marital assets can include:

• Real estate
• Vehicles
• Bank accounts
• Business interests
• Household furnishings
• Investments
• Retirement funds

Characterization of marital and non-marital assets may be determined when tracing the ownership of each asset. Our law firm has the experience necessary to establish proper ownership for property and asset division purposes. Commingled assets, retirement distributions, and extensive investments may complicate matters, but our seasoned lawyers will be able to provide an accurate picture for our clients. We have completed numerous evaluations and we can assist you in protecting what is rightfully yours.

Assigning Marital Debts

Dividing property assets may also involve assigning debt responsibility to each party. Common debts may include the following:

• Mortgages
• Bank loans
• Credit card debts
• Vehicle payments

It is important to make sure that the terms of each debt are included in a divorce decree. Regardless of a court decision, creditors and lenders are not required to honor any agreement other than the one you originally entered into. We can advise you on your financial responsibility and make sure that you understand what to expect after a divorce.

If you are in need of divorce or division of property assistance, contact us to schedule a free initial consultation or call our Orland Park office at 708-226-9904. We have four convenient offices throughout the suburbs of Chicago, located in Orland Park, Schaumburg, Wheaton, and Chicago. We serve clients in Cook County, DuPage County, Will County, and beyond.