Protecting Your Financial Rights in Divorce
When a husband and wife get a divorce, the emotional ramifications are significant. In the midst of this sometimes overwhelming process, it is the job of a divorce attorney to help their client understand the financial ramifications of divorce as well.
For most people getting a divorce, the final result of their divorce will have a significant impact on their short-term and long-term financial security. Issues like property division, child support and spousal support (alimony) can have a tremendous impact on an individual's financial wellbeing.
Property Division
One of the most essential factors of any divorce is property division. In the state of Illinois, judges are required to "justly distribute" the marital estate. Many people assume that this means an equal 50/50 division, but it does not. It merely means a distribution which is just. In some cases, a just distribution may be something significantly different from a 50/50 split.
Marital Property vs. Non-Marital Property
Illinois law treats marital property differently from non-marital property. While marital property is subject to just distribution, non-marital property is typically awarded to its owner.
Marital property, as a general rule, is any property acquired during a marriage. Non-marital property generally includes property acquired prior to marriage, certain gifts, property the parties agree is non-marital, property that has been inherited, and the appreciation of non-marital property. An engagement ring given as a gift prior to marriage can be considered non-marital. Property acquired after legal separation or in exchange for non-marital property is also non-marital.
The Importance of Experienced Legal Representation
If you are getting a divorce, having experienced legal representation is essential to the protection of your financial rights and interests. Your spouse may argue that non-marital property has been commingled with marital property so that it is impossible to know the value or nature of the non-marital property. So called "tracing" issues can be complex and should be handled by an experienced divorce attorney.
Contact Thomas W. Hunter, Attorney at Law
For experienced representation in the northern or western suburbs of Chicago, contact the law firm of Thomas W. Hunter, Attorney at Law. Based in Barrington, Illinois, our law practice has been focused exclusively on family law since 1974. We offer client's experienced, dedicated and highly personalized representation.
To schedule a free consultation with a lawyer at our firm, call 847-382-3666, or contact us by e-mail.
