Equitable Division of Marital Property in the Western Chicago Suburbs
When it comes to navigating the complexities of dividing marital property during a divorce, Giamanco Law Partners is here to provide you with expert legal guidance. Our experienced attorneys understand the intricacies of equitable division and can assist you in achieving a fair and just outcome. Whether you are facing a straightforward division or dealing with complex situations where classifying property is challenging, we have the knowledge and expertise to protect your interests.
Why You Need a Lawyer for Equitable Division
Dividing marital property can become particularly challenging when dealing with complex situations. Hiring a skilled lawyer from Giamanco Law Partners is essential in the following scenarios:
1. Complex Property Ownership:
- Multiple real estate properties, including primary homes, vacation homes, or rental properties.
- High-value assets, such as luxury vehicles, boats, or valuable artwork.
- Investment portfolios, stocks, bonds, and retirement accounts.
2. Business Ownership and Valuation:
- Ownership interests in a closely-held family business, partnership, or corporation.
- Valuing and dividing business assets, including inventory, equipment, intellectual property, and goodwill.
3. Professional Practices:
- Dividing assets related to professional practices, such as medical or legal practices, including accounts receivable, client lists, and business assets.
4. Unique Financial Arrangements:
- Prenuptial or postnuptial agreements that may impact the division of property.
- Trusts, inheritances, or gifts received during the marriage that require careful evaluation.
Examples of Marital Property
During divorce proceedings, marital property typically includes assets and debts acquired during the marriage. Here are some examples of marital property:
- Family home and other real estate purchased during the marriage.
- Joint bank accounts, investments, and retirement funds.
- Vehicles and personal property acquired during the marriage.
- Business assets and professional practices started during the marriage.
- Debts accumulated during the marriage, such as mortgages or credit card debts.
Complex Situations: Difficulties in Classifying Property
In some cases, it can be challenging to classify certain assets as either marital or non-marital property. These complex situations may require the expertise of our attorneys to ensure a fair division. Examples include:
- Commingling of separate and marital funds in joint accounts.
- Transmutation of non-marital property into marital property.
- Inheritance or gifts that have been used for the benefit of the marriage.
- Co-mingling of separate and marital property in businesses or investments.
Examples of Non-Marital Property
Non-marital property generally consists of assets acquired before the marriage, as well as gifts or inheritances received by one spouse individually. Examples of non-marital property include:
- Property owned by one spouse before the marriage.
- Inheritance or gifts received by one spouse during the marriage.
- Property specifically designated as non-marital in a valid prenuptial or postnuptial agreement.
- Compensation received for personal injuries.
Navigating the complexities of equitable division and classifying property can be overwhelming during a divorce. Our attorneys at Giamanco Law Partners are here to provide you with comprehensive legal representation, ensuring your rights and interests are protected. Contact us today to schedule a consultation and let us guide you through the process of dividing marital property in the Western Chicago suburbs.