IL divorce attorneyWhen you are in the process of getting divorced in Oakbrook Terrace or elsewhere in DuPage County, it is important to understand how the process of property division works and when the spouses can play a role in determining how property gets divided. As you may know, Illinois courts divide marital property based on a theory of equitable distribution. This means that property is divided in a way that the court determines to be fair and equitable to both parties. In deciding what is fair and equitable, the court takes into account many different factors that are listed in the Illinois Marriage and Dissolution of Marriage Act (IMDMA). Of course, when there is an enforceable premarital agreement or postnuptial agreement that specifies how property will be distributed, courts will use the terms in those agreements.

Yet many spouses have questions about “property settlements,” and whether they are able to play a role in deciding how their property gets divided even if there is no premarital or postnuptial agreement. In other words, can the parties work out a system for dividing marital property without the court doing it for them? In short, the answer is yes. The IMDMA has a specific section on “agreement” between the parties, and we want to be clear about how it can allow for a property division agreement. In the meantime, an experienced Oakbrook Terrace divorce lawyer at our firm can help with any questions you have.

Coming to an Agreement About Property Under the IMDMA

If you and your spouse want to negotiate a property settlement, the IMDMA allows you to do so. Whenever you are negotiating about the division of marital property, it is important to have an experienced DuPage County divorce attorney to advocate for your rights and needs. In the agreement, the parties are permitted to create provisions for the disposition of any and all marital property. However, there are some requirements and limitations under the IMDMA:

...

IL divorce feeWhen most people think about seeking attorney’s fees in a court case, they are often thinking about civil cases in which they are suing another party for damages. However, attorney’s fees also may be available in DuPage County divorce cases. To be clear, attorney’s fees are not awarded in a divorce case because one of the parties “wins” the case, but rather based on one party’s ability to pay and the other party’s inability to pay. The Illinois Marriage and Dissolution of Marriage Act (IMDMA) governs the issue of attorney’s fees in divorces, and we want to provide you with more information about this topic.

In the meantime, if you need assistance with your divorce, one of the dedicated DuPage County divorce attorneys at Farooqi & Husain Law Office can speak with you today. We regularly provide counsel to members of the DuPage County Muslim community and can discuss your options for moving forward with your divorce.

Interim Attorney’s Fees in a DuPage County Divorce

When one party is seeking interim attorney’s fees in a divorce case in Illinois, that party must file a petition for interim attorney’s fees and costs. In order to be eligible to receive interim attorney’s fees—which means attorney’s fees while the divorce is ongoing—the party seeking the fees must be able to show that relevant factors exist for awarding attorney’s fees. The IMDMA says that the court shall consider all relevant factors. It cites the following, among others:

...

IL divorce lawyerIf you are considering divorce in DuPage County, it is important to understand how property division works under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), and to understand how property can become commingled. When property is commingled, it can be difficult to classify, and the court ultimately may need to classify it as marital property that is divisible even if it has some traces of separate or non-marital property. We will say more about property division in order to explain the complications of commingled property. If you have questions, a DuPage County divorce attorney can assist you.

Classifying Marital and Non-Marital (or Separate) Property

The first step in dividing marital property in a DuPage County divorce is for the court to classify all property as marital or nonmarital (or separate) property. Generally speaking, all property acquired prior to the date of the marriage will be classified as separate property and will not be subject to division, while most property acquired after the date of marriage will be classified as marital property and will be subject to division. However, there are some exceptions to the classification of marital property. For example, even though the following types of property may have been acquired after the date of marriage, the court likely will classify these types of property as separate property and will not divide them:

  • Inheritances to only one of the spouses
  • Gifts made to only one of the spouses
  • Property acquired through the use of separate property
  • Property specifically designated as separate property in a premarital agreement

Property Division in Illinois and the Theory of Equitable Distribution

When two married people in Illinois get divorced, the court will divide all marital property according to a theory of equitable distribution. This might include, for example:

...

IL divorce lawyerGoing through a divorce is difficult under any circumstances, but the prospect of property division can be particularly complex when there is a business that is either partially or entirely marital property. Under the Illinois Marriage and Dissolution of Marriage Act (IMDMA), marital property includes both assets and debts from the marriage, and it is distributed to the spouses according to the theory of equitable distribution. Classifying property can be one of the more complicated aspects of property distribution, but valuation can also be extremely complex. If you own a business with your spouse, or if your spouse alone owns a business or is in business with other people, it is likely that at least part of the business will be classified as marital property.

When a business is classified as marital property, it must be valued. While valuation should be straightforward, different people can have different ideas about the value of a business. The experienced Oakbrook Terrace divorce attorneys at our firm regularly assist members of the Muslim community with complex asset division issues, including business valuation. We can assist you with your case, and in the meantime, we want to provide you with more information about business valuation during divorce.

Determining Whether the Business Is Marital Property

The first step in business valuation during divorce actually does not have anything to do with assigning a value to the business. Instead, the court will need to determine what portion, if any, of the business should be classified as marital property and thus will be divisible during the divorce. Generally speaking, any business assets or liabilities acquired during the marriage are likely to be marital property unless there is a premarital agreement that says otherwise.

...

IL divorce lawyerWhether you are in the early stages of considering divorce or already have filed, it may be time to consider working with a forensic accountant who can assist with asset division. Financial issues often are among the most contentious ones in any DuPage County divorce case, and financial matters can be especially complicated and controversial in high net worth divorces where there are complex assets that will need to be identified, classified, and potentially distributed between the spouses. In some of the most difficult cases, one of the spouses is the primary breadwinner and goes to great lengths to hide marital assets in order to prevent them from being divided in the divorce.

No matter what your financial situation, a forensic accountant may be able to work with your DuPage County divorce lawyer to help with your case.

What Does a Forensic Accountant Do?

If you have never worked with a forensic accountant before and do not usually handle complex financial matters, thinking about hiring a forensic accountant can feel puzzling. You might be asking yourself: what does a forensic accountant do, and do I really need to hire one? According to a publication from the American Bar Association (ABA), more people should work with forensic accountants in their divorces given the benefits.

...

Recent Blog Posts

Categories

Archives

Contact Us

NOTE: Fields with a * indicate a required field.
*
*
*

10 Best Attorney Award

Chat Us Text Us