The division of property is often the most contentious and complicated issue in a divorce. In Illinois, property is to be divided in "just proportions" which does not necessarily mean equally. The decisions made regarding your property can impact the rest of your life. You need a lawyer who will fight to see that the property that you have accumulated during your marriage is divided fairly.
Attorney Roland P. Ernst of the Law Offices of Carr, O'Rourke & Ernst, LTD has extensive experience in handling property division matters involving the following types of property:
- Real estate
- Retirement accounts, pension plans, 401(k)s, and IRAs
- Deferred compensation
- Closely held family businesses
- Stocks, bonds, and mutual funds
- Stock options
- Valuable collectibles such as antiques, art, or coin collections
- Personal injury and workers compensation awards
When appropriate, our firm consults with experts such as real estate appraisers, forensic accountants, actuaries, and any other expert that may be needed to properly value the marital assets.
In addition to marital assets, debts must also be divided upon the conclusion of a marriage. This does not include any debt taken on by a spouse before they were married, but rather focuses on those that occurred during the length of the marriage, such as mortgages, credit card debt, car loans, or student debts. In Illinois, deciding what is and isn’t marital debt is based on the date that the debt was incurred – before or after the date of the marriage – which means one spouse may have taken on a debt without the other’s knowledge, yet that debt will still be subject to an equitable distribution during a divorce.
There are some exceptions, however. Inherited debts, whether through a gift or after a spouse’s loved one has passed, is considered non-marital debt. So too are any debts associated with properties that were acquired before the couple was married. Debts stemming from a lawsuit from one spouse against the other or those that were incurred after a legal separation are also considered non-marital debts and the sole responsibility of one spouse.
An Experienced Attorney Working to Protect Your Interests
Whether your divorce is more amicable or you are facing a number of contested issues, it is important to know and protect your rights and best interests when it comes to your financial future. Our firm can help you organize and value your assets and debts; find undisclosed property, if necessary; and hep you reach a settlement that protects what matters most to you and your family.
You deserve quality advocacy and personal attention relative to your property division issues. Attorney Roland P. Ernst has been fighting to ensure that his clients receive their fair share of the marital assets since 1983. He has nearly 40 years of distinguished service to family law clients in Chicago and the surrounding suburbs, including Orland Park, Joliet, Tinley Park, Frankfort, and throughout Cook and Will counties. Put our experience to work for you by calling the Law Offices of Carr, O'Rourke & Ernst, LTD to schedule a free consultation.
We can be reached via our convenient and secure online form or by calling (708) 394-7361.
“Roland was an excellent listener and took the time to understand and empathize with what was important to me in outcomes. He not only understood the law, but could see the areas where we could negotiate with my ex and her lawyer.”