Division of Assets
Search
  • Free Consultation
  • 847-742-0420
  • 40 N. Airlite Street, Suite 3, Elgin, IL 60123
google plus facebook
Search

Elgin, IL Attorney for Division of Assets

kane county division of assets lawyer

Experienced Divorce and Family Law Attorney Representing Clients in Kane County and DeKalb County

Division of assets in a divorce is often one of the most difficult areas for spouses to come to an agreement. Marriage binds the finances of spouses in a tight web, and separating each element of that web can be a challenge. At Canning Law Offices, we are dedicated to advocating for clients rights to marital property. We are experienced in working with clients of all income levels and provide strong advocacy both in negotiation and litigation.

Classifying Marital Assets and Non-Marital Assets

The first step in evaluating how assets will be divided in a divorce is determining which assets are eligible for division. In Illinois, an equitable distribution state, only assets that are considered marital property are subject to division. In general terms, a marital asset is any asset that is acquired during the marriage. There are some exceptions to that rule, however, including:

  • Assets that are inherited by one spouse;
  • Assets that are gifted to one spouse;
  • Assets acquired exclusively using non-marital assets;
  • Assets that are excluded by a valid prenuptial or postnuptial agreement; and
  • Assets that are acquired after a legal separation.

Assets that were obtained prior to the marriage are considered non-marital assets and are excluded from the property division process. Whether or not an asset is considered marital property is often a source of disagreement between spouses. Attorney Charles Canning and his team are experienced in negotiating and litigating these matters and aggressively arguing for our clients best interests. We will make sure you are treated fairly throughout the property division process.

Marriage Dissolution and Property Division in Kane County

Once it has been determined what property is eligible for division in the divorce, both sides must then determine who gets what. Reaching an agreement on each asset is often challenging, but we will help you work out a fair and reasonable solution. We fight for our clients' priorities while helping facilitate the process towards resolution. We are also experienced working with marital estates that include retirement saving plans such as pensions, 401(k)s, IRAs, business interests, and real estate assets. No matter how complex or straightforward your finances are, we can effectively advocate for your rights in a divorce.

If you are involved in a divorce or are considering getting a divorce, contact Canning Law Offices at 847-742-0420 to schedule a free consultation. We will meet with you to discuss your specific situation as it relates to division of assets and other matters. Our law firm has over 30 years of experience helping clients throughout the divorce process, and we can provide the sound legal advice you need to achieve your objectives. From our office in Elgin, Illinois, we work with clients throughout Kane County and the surrounding areas. Se Habla Español.

For more information on choosing an attorney for your case, see our article on "How to Select a Divorce Lawyer."