In almost every divorce, spouses have to value and divide their property. This division can often be complicated and contentious, and it requires experienced lawyers like Berger Schatz attorneys to take you through the process.
Classification of Marital and Non-Marital Property
The classification of property into “marital” and “non-marital” is an essential task in the distribution of property in a divorce.
Generally, all property of any kind that a couple acquires during the marriage is marital property, to be divided “equitably” between the spouses. However, any property owned by a spouse before the marriage, or that a spouse received during the marriage by gift or inheritance and that was kept separate during the marriage, is that spouse’s non-marital property and is not subject to division.
Asset Valuation: How Much Is There?
The valuation of marital and non-marital property is an equally important and challenging task, especially in cases of high net worth individuals involving complex business or other financial matters.
Berger Schatz divorce attorneys are experienced in working with valuation experts, real estate appraisers, and other professionals to ensure your assets are accurately valued.
Division of Marital Property
Once all the parties’ property has been identified, classified as marital or non-marital, and valued, the marital property must be divided between the spouses – a process that is done by agreement or by the court after a trial. Illinois is an “equitable” division state where the court may consider a number of factors in deciding what is the most “equitable” division. These factors include:
- Each spouse’s contributions to the marriage
- The length of the marriage
- The age and health of each spouse
- Each spouse’s ability to earn money and acquire more assets after the divorce
- Each spouse’s non-marital property
- Whether one spouse is to be awarded a larger share of the property in place of spousal support
Our team is skilled at evaluating these factors to present the best possible case for our clients. When it comes to division of the marital property, we employ every tool available to make sure our clients receive what they are due.