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When choosing a family law attorney, you probably have a number of questions. Some of our most common questions are found here. If you do no see yours listed, please contact our office directly. We are happy to help!
Division of Property
If you’re going through a divorce, you probably have questions about how your assets and property will be divided.
Under Illinois law, property division during a divorce must be “equitable,” which is often different from an “equal” split of 50/50. When the judge in your divorce case makes decisions on how to divide property between you and your spouse, they consider a handful of different factors in an attempt to make the split as even as possible.
Your judge will weigh each spouse’s income and accounts in addition to their property, which means that you won’t necessarily end up with exactly 50% of your marital property. If you and your spouse own property above and beyond the “norm” of one home and a handful of cars, the court will look even more closely at the value of different properties and vehicles.
The division of property in Schaumburg, IL can get complicated, which is why it’s always best to have a seasoned attorney on your side. Often, to ensure that you get a fair property share, you’ll need the help of a divorce law attorney.
Because of Illinois’ “equitable division” law, one party can end up with 60%, 70%, or more of the total property while the other party is left in the dark and doesn’t understand the reason for the division. If you need the help of a property lawyer in Illinois, don’t hesitate to give us a call!
A profitable business is considered an asset in an Illinois divorce. In order to fully understand how the divorce will impact your business, it is important to understand the difference between marital property and non-marital property.
What is Considered Marital Property
Property and assets acquired prior to your marriage are not considered marital property and may not be part of a divorce settlement. On the other hand, assets acquired during your marriage will be part of the marital property and are subject to division between parties.
If your spouse worked in the business, was made a partner, or otherwise had an investment in your business, it may be considered all or partially marital property. If your spouse is an employee of the business, they may even be able to keep their job with the company after divorce.
Profits and expansion of your business during your marriage can be subject to division and part of the divorce settlement.
Contact Our Schaumburg Law Firm
As you can see, business ownership during a divorce can be complex and has many potential outcomes. Hiring experienced legal counsel during your divorce can have lasting effects on the future of your finances. Robert M. Kaplan PC is experienced and can guide you through the complex legal process of divorce and business ownership.