Within a divorce, one of the most important issues that need to be decided is the division of marital property. Divorcing spouses often argue over how to divide the property and determine what is marital property and separate property.
At our firm, Andrea Heckman Law, we provide clients with experienced property division representation. We have worked with hundreds of clients over the years in our practice, and understand how best to approach these issues.
The property division in an Illinois divorce is almost impossible to modify after a divorce decree is final, absent a showing of actual fraud. This means unless the other spouse lied and hid assets, you will have to abide by the agreed settlement terms. You want to be certain all assets and debts are accounted for and equitability divided. Homes, cars, and your grandmother’s china are not the only items subject to division. Below is a list of some of the types of monetary assets and accounts that may be divided upon divorce:
In addition to the division of your assets, the debts of the marriage also need to be accounted for and divided. Again this is important because property settlements are generally not subject to modification. You want to make certain all loans, credit cards, and any other financial obligations you may have are discovered and dealt with in the settlement.
Your divorce settlement is a binding contract between you and your ex-spouse. However, it is not binding on third parties, like credit card companies. If you have joint accounts, you need to have it made clear within the property settlement which party is responsible for each debt. If your ex-spouse stops making payments, the credit card company will come after you for the payments. If it is not clear within the agreement, you will not only have to pay the debt but will have no recourse against your ex-spouse.
Any assets and property listed in a prenuptial agreement are considered separate and are therefore protected from being divided upon divorce. However, even though some assets may be protected, it may be possible to contest the terms of the prenuptial agreement when dealing with property division that stems from a divorce filing.
To further discuss your property division case, we invite you to contact us at your earliest convenience. During your free initial appointment, a lawyer at our firm can evaluate your case and make recommendations based on that assessment and your goals.
Please contact our law office in Rolling Meadows for legal assistance with divorce, child custody, or visitation issues. We serve clients in the Chicago metropolitan area who need the help of an experienced and dedicated family law attorney.