Marital and Non-Marital Property

MARITAL NON-MARITAL PROPERTY LAWYER

Chicago, 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-five years Elliot Heidelberger has been helping clients throughout Cook, Kane, DuPage, Lake and McHenry 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 Attorney

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 attorney routinely assists his 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 Elliot Heidelberger has a complete picture of the assets in the marital estate and a valuation of those assets, he works with his 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 Lawyer

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 Elliot Heidelberger. Our experienced Chicago asset division lawyer will provide the legal advice necessary to protect his clients’ rights and interests.