Illinois Division of Assets Attorney
Most people believe that all property held by any person involved in a marriage is marital property, and as such, part of the marital estate. This is not true. Many types of property are not marital property. For over forty years the Law Offices of Elliot Heidelberger has been helping clients throughout Cook, Kane, DuPage, Lake and Mc Henry counties--including courthouses in Skokie, Rolling Meadows and Chicago-- determine what is and is not part of the marital estate and develop equitable property division settlements.
Experienced Marital and Non-Marital Property Attorneys
Since most people going through a divorce believe that all property is jointly owned, they do little to ensure that their interests are protected. Our asset division attorneys routinely assist our clients in determining a fair and equitable distribution of marital property for couples with complex finances.
It is important to understand what is and is not part of the marital estate. Most property acquired during the marriage is part of the marital estate. However, property acquired during the marriage through a gift or inheritance, as well as any increase in value of that property, is not part of the marital estate. Of course, property acquired prior to the marriage is not part of the marital estate. An additional exception in both of these cases is when the owner of the non-marital property adds their spouse's name to the title of the property or commingles it with other property that is marital.
Another important component of many divorce disputes is the valuation of businesses for people who are self employed and for those who own substantial stock in closely held businesses. Our law firm routinely works with experts in business valuation to determine the value of family owned and closely held businesses.
Once we have a complete picture of the assets in the marital estate and a valuation of those assets, we work with our client to determine an equitable asset distribution. Many factors are involved in determining how assets will be distributed including the spouse’s ability to make a living, their age, health, and education, and the amount of child support that is paid.
Contact Our Asset Division Lawyers
If you are currently involved in a divorce or are considering filing for divorce and need legal advice regarding marital and non-marital issues, please contact the Law Offices of Elliot Heidelberger. Our experienced asset division lawyers will provide the legal advice necessary to protect our clients’ rights and interests.
