Joliet Property Division Lawyers
Divorce Attorneys for Asset Allocation Serving Lockport, Plainfield and New Lenox
At the Davi Law Group, we are committed to helping area residents with every aspect of their divorce proceedings, including the valuation and division of marital property. As the marital estate is allocated between divorcing spouses, an equitable outcome is dependent upon the establishment of a true, accurate value of all involved property. Our knowledgeable attorneys intimately understand the nuances of Illinois divorce laws, and are prepared to work with industry professionals including accountants, real estate appraisers, and financial planners to properly evaluate all marital assets.
Marital Property Division
Under Illinois law, virtually any property acquired by either spouse during a marriage is considered part of the marital estate, subject to equitable distribution in divorce. To determine equitable distribution, the Illinois Marriage and Dissolution of Marriage Act requires a court to consider a number of factors related to the marriage, including but not limited to:
- Each party’s income and individual assets;
- Each party’s needs and the existence of a spousal support order;
- The age, health, employability, and earning capacity of each party;
- The contribution of each party to the marital estate and to the marriage as a whole, including intangible contributions of a homemaker or stay-at-home spouse;
- The duration of and the standard of living established in the marriage;
- Custody arrangements for the parties’ children; and
- Tax implications for each party as a result of the division process.
Our attorneys recognize the complexities of property division proceedings. We are prepared to advocate on your behalf in the courtroom when necessary, but can also help you negotiate a more amicable resolution. For divorcing couples with children, especially, a negotiated divorce settlement can help foster a more stable, cooperative relationship between the parties that can be very beneficial.
Tax Considerations in Dividing Marital Assets
Property division awards, if not negotiated carefully, can have unforeseen effects on a party’s future tax liabilities. Our attorneys recognize such implications long before they become a reality and can help you avoid unpleasant surprises. By cooperating with tax professionals and other industry specialists, we can help you develop a plan that is both equitable and sustainable. At the Davi Law Group, we will work hard to uphold the trust you have placed in our firm and to create a property division agreement that will serve your best interests. If you have children, finding such a solution is even more important, as they deserve the stability of long-term financial security.
If you are considering divorce, a qualified family attorney can help you prepare an organized approach to the process. We offer a complimentary initial consultation, valued at up to $325.00, so that you can fully understand the various aspects of property division. Should you retain us as your counsel, financing options are available. Contact the Davi Law Group today at 815-582-4901 to schedule an appointment at one of our five convenient office locations. We proudly serve clients in Will County and throughout the greater Chicagoland area.