Property Division Attorney
Ending a marriage requires settling various financial matters between the divorcing spouses. In every marriage, each spouse owns their own respective separate property, and the couple shares ownership of marital property. This generally includes income earned by both spouses during their marriage, property purchased jointly, and all assets and debts acquired during their marriage. Divorce requires the spouses to divide their marital property, and every state uses a different method for accomplishing this fairly in divorce.
Guiding Clients Through Property Division in Divorce
Many US states use an equitable distribution law. This property division method aims to make sure the fairest possible division of marital assets and debts in divorce by accounting for as many details as possible between the divorcing spouses. The equitable distribution standard typically aims to resolve property division with some measure of finality, negating the need for ongoing spousal support arrangements. However, every divorce is unique, and it is possible for spousal support to come into play in any Illinois divorce in which the spouses have vastly different earning power.
Regardless of what your divorce may involve, you and your soon-to-be ex-spouse must resolve property division and various other financial issues to complete your divorce. Johnson O'Keefe can provide the communicative and detail-oriented legal representation you need on your side to approach your case with greater confidence and peace of mind.
Schedule your initial consultation by calling us at (888) 445-2318 today.
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Individualized AttentionJust as each family is unique, so is each family legal matter. We always take the time to completely understand your situation so that we can tailor our advice and strategy accordingly.
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Highly RecommendedOur clients often take the time to write and thank us, not only for the results we have earned for them but also for the respect we’ve shown them.
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Supportive CounselWe never lose sight of the fact that divorce and other household conflicts can feel overwhelming. Our family lawyers will answer all of your questions to ease your burden in this difficult time.
Understanding Equitable Distribution in Divorce
Every divorce is different, and some divorcing couples are more agreeable than others when it comes to negotiating their divorce terms. When most people think of divorce, they imagine emotionally charged courtroom battles, while the reality is that most divorcing couples opt for alternative dispute resolution. While it’s not possible to solve every issue in every divorce through private settlement, alternative dispute resolution can provide substantial flexibility to divorcing couples negotiating property division.
Under the equitable distribution standard, the court expects divorcing spouses to split their marital assets and assign separate responsibilities for shared debts as fairly as possible. While it is possible to litigate a divorce and let a judge settle property division, the judge’s interpretation of what would be “fairest” isn’t likely to align with either of the divorcing spouses’ expectations. When a divorcing couple is willing to explore alternative dispute resolution, they have more flexibility in negotiating property division under the equitable distribution law.
Both spouses must provide complete financial disclosure statements that include all necessary financial records. If a divorcing spouse intends to assert separate property ownership rights, they must include all supporting documentation in their financial disclosure statement. All other marital property must be divided equally. The spouses could decide to liquidate certain assets and divide the proceeds, and a judge will likely require similar actions if a couple litigates property division. By exploring alternative dispute resolution, divorcing spouses may effectively negotiate “trades” of specific assets and otherwise customize their property division agreements to their preference.
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I called Johnson Law Group extremely frustrated and stressed with the process of my custody case. From the consultation to every conversation after, Elizabeth went out of her way to make sure that i was comfortable with all the matters and decisions. I highly recommend Elizabeth and the whole Johnson O'Keefe team to anyone going through custody matters. Elizabeth, Cassidy, and Paola were amazing, and made me feel like i was a friend, not just a client. I would happily use them again if needed.- Patricia
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I HIGHLY recommend him and his legal team of paralegals and staff because I had a great experience with them. Myles is smart and savvy and fully committed to his clients as an attorney and mediator. He represented me in my divorce and when we went to court his talent and expertise rose to the top giving me confidence and inspiration during this hardship. I am so glad I had Johnson O'Keefe at my side! It made my divorce a little bit easier knowing this group had my back and worked hard to get me what was fair and equitable with the utmost care and concern for me as a client and most importantly as an individual.- M.J.
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Everyone was fast to return calls or emails. They explained everything thoroughly and so that I could understand the process. They worked with me every step of the way. I would highly recommend Johnson O'Keefe and if needed would go with them again. Thank you so much.- Robin
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They’re professional and supportive team work was beyond efficient and they got the job done in the least amount of time and with the least stress possible. They’re an amazing team to help with family needs and are always available to answer any questions or support. I would definitely recommend Myles and Genet Johnson for any family legal needs.- M.A.
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Important Details to Remember About Property Division in Divorce
Every divorce is unique, and Johnson O'Keefe has a strong reputation for reliable and comprehensive divorce representation. In addition, our team knows the challenges facing divorcing spouses in the area and the difficulties they face in property division proceedings.
Some of the variables that can easily complicate your impending property division determination include:
- High net worth. If you and your soon-to-be ex-spouse control significant assets, complex business interests, investment accounts, stock, and cryptocurrency, any of these issues has the potential to complicate the property division determination in your divorce.
- Prenuptial contracts. Some marrying couples develop prenuptial agreements that outline their financial rights and responsibilities for marriage, and some of these contracts include provisions that pertain to divorce. If you and your spouse have a prenuptial agreement in place, this can potentially streamline your divorce by outlining property division clearly right away.
- Hidden assets and fraud. While the thought of sharing your property with your spouse in divorce may be difficult for some to accept, attempting to hide assets to protect them from division in divorce carries severe consequences. Johnson O'Keefe can address any concerns you have about your spouse’s truthfulness in their financial disclosure statement.
Johnson O'Keefe specializes in helping clients resolve their divorce in the most efficient ways possible, and this usually entails alternative dispute resolution. However, if you must resolve your property division determination in court, you can rely on our firm to represent you in litigation.
If you have questions about property division in divorce or need to speak with a property division attorney about your situation, contact Johnson O'Keefe to schedule a consultation with our team.
