Chicago Property Division Lawyers
There are many factors that need to be taken into account when dividing marital property, it is critical to partner with an attorney that will be an advocate for you. Our clients range from spouses with minimal assets to spouses who have significant holdings. We are well prepared to help you achieve the best possible results – regardless of the complexity of your property.
We can help you with all property division issues:
Identifying marital property:
Marital property is property that was acquired during marriage. There are some exceptions such as gifts that were given to only one spouse, items that were bought and obtained with assets before the marriage, etc…
Dividing marital property & debts:
We can help you assess your property and debts. If needed we have a network of forensic accountants, financial analysts, specialists in business valuation and many others.
Planning For Property Division In A Divorce
Resources that formerly supported one household, must be divided to support two. You need to make smart decisions regarding your finances before a divorce, during a divorce and after a divorce is finalized. We can HELP!
Complex Marital Estates Attorneys
When couples are in a marriage, it is expected that there is trust and honesty. The accumulation of substantial assets and real estate typically causes no concern, but rather excitement. However, when marriages dissolve, it is quite common for a spouse to try and hide assets, or intentionally devalue assets, in an effort to “win” financially at the end of a divorce case. Depending on the complexity of your asset holdings the valuation of those assets for property division purposes can become complicated. Not all valuation sources are accurate, and many recommendations fail to properly assess income tax considerations. Qualified legal assistance from a seasoned law firm who uses the most qualified forensic accountants and business valuators is vital to protecting your rights and preserving your interests. We are THAT law office.
Effective asset valuation is the key to complex property division
Proper valuation of high-end assets in a divorce is of the utmost importance. This is especially true in today’s distressed economy, where many of these high-end assets are now worth much less than they once were. Spouses have great incentive to conceal these assets or make unreasonable demands about how this valuable marital property should be divided.
Our skilled attorneys have the skill and resources needed to effectively handle high-net worth divorce cases involving the following property and assets:
~Vacation homes and other significant real estate investments
~Family businesses or controlling interests in closely held corporations
~Stock options and other lucrative forms of executive compensation
~Artwork and antiques
~Farmland with crops, cattle and machinery
~High-value retirement or pension benefits
~Trust funds and other inheritances
In order to effectively identify and value significant martial assets, we consult with forensic and appraisal experts in a wide range of disciplines, including real estate, business, accounting, pension and trust administration, taxation and more. Our primary objective in all property division matters is to gather and present a comprehensive picture of your property, and how to divide it in your favor.
Assistance with dividing debt and avoiding unwanted publicity
Our comprehensive representation allows clients to make informed decisions concerning commercial or residential property, hidden or transferred assets, and debt division. If desired, our firm can pursue a private dispute resolution in order to reduce the impact of a divorce on a business and avoid a public record through the family courts.
Division of Marital Assets
Whether you have had the good fortune of accumulating property during your marriage, or have acquired specific assets that you want to retain, hiring an attorney with experience in these complex property division issues is an obvious choice. The same applies in the unfortunate event that you are facing a home foreclosure or bankruptcy.
Since 1995, we have provided top rated divorce counsel and representation to men and women from many different backgrounds and employment experiences, including politicians and professional athletes, corporate executives, full time homemakers, physicians and other lawyers… as well as their spouses. Whatever your concerns or questions about property division, I encourage you to contact our office for an initial consultation.
Asset Division– Debt Allocation– Pensions and Retirement Accounts
Many couples are shocked to learn that, under Illinois law:
- All marital assets that have been “acquired”, “commingled” or “transmuted” during the marriage, regardless of whose name they are in, are subject to division in the property settlement
- Premarital pensions and retirement accounts, such as 401(k) plans, that have increased in value during the marriage are also subject to division, to the extent of the increase as a result of investments during the marriage
- Debts accumulated during the marriage, even if in the other spouse’s name, may be subject to division
- Illinois is a “no fault” state— claims of adultery, substance abuse, domestic violence and the like will NOT affect a division of marital assets UNLESS marital money was used to further an adulterous relationship, to purchase illegal substances, etc. However, in the event a spouse contracts a sexually transmitted disease during the marriage, they may have an independent and separate cause of action in the form of a “tort”, which would certainly result in monetary compensation.
You Tell Us Your Priorities—We Get The Results
Practically speaking, your financial goals at the conclusion of a divorce should be to maximize your assets and minimize your debts, which is only common sense. However, what is not so common is a lawyer’s understanding of taxation implications of asset division. “Buy-outs” and “trade-offs” for example are treated differently than “spousal maintenance”, as far as income taxes are concerned. Does your spouse run their own company, started during the marriage (and which is therefore marital), and do they have “retained earnings” that they have not distributed to themselves, thereby reducing their “available income?” Perhaps a forensic accountant is required to trace these assets to determine the extent of money held in your spouse’s name, in which you have an interest through Illinois divorce law. These are the types of issues which separate our lawyers from the novices.
Compassionate, Effective Chicago Divorce Courtroom Trial Lawyers
Tough & Aggressive Family Law & Divorce Attorneys.
We have over twenty years of combined experience in handling divorce, custody and family law cases. YOU give us your confidence, WE give you the peace of mind and the results you deserve.
We help people and families in Chicago and throughout the Chicagoland suburbs.
To meet with us, call The Walters Law Group, Ltd.’s attorneys at 312-806-6700 / 708-361-9700, or e-mail us using this online form.