Kane County Division of Property and Debt in Divorce Lawyers
Attorneys for Division of Marital Assets Serving St. Charles, Illinois
One of the most complex and often frustrating areas of divorce for many couples is the process of dividing property and debt. Illinois is considered an “equitable distribution” state, meaning that the division of property and debt must be equitable between both spouses. That does not necessarily mean that the sum of all property and debt will be divided in half (i.e., 50/50) between each spouse. Rather, equitable division means that property and debt will be divided based on a series of factors relating to the couple and each spouse independently. Common factors property division attorneys assist clients with include:
- The income and work history of each spouse;
- The potential for future income of each spouse;
- The level of education obtained by each spouse;
- The standard of living during the marriage;
- Individual contributions during the marriage; and
- Individual and marital debt.
Division of property and debt is a process that requires full disclosure from each spouse. All assets, debts, property, and financial accounts must be disclosed prior to the final agreement being executed. In some cases, the division of property and debt may become contested or may involve complex assets, in which case it may be necessary to seek the aid of a financial professional who is willing to work alongside legal counsel. In other cases, the couple can mutually agree on a simple division of property and debt without the case going to trial.
Experienced Divorce Lawyers in St. Charles
At Bochte, Kuzniar & Navigato, P.C., we understand the financial complexities of divorce and the importance of reaching an equitable resolution. Our attorneys are experienced in navigating through the complexities of divorce cases, Illinois divorce law, and a myriad of related legal matters. We have successfully resolved both uncontested and contested divorce cases, and are up to the task of managing business matters, financial accounts, tax concerns, and much more.
Our law firm pride itself in providing every client with professional, personalized service. With more than 100 years of combined legal experience, our attorneys are well versed in current legal matters and are dedicated to meeting the demands of today’s couples. If you are contemplating divorce, or are already in the midst of a divorce, and want to know more about the division of property and debt in your case, contact us today at 630-377-7770 to set up a free consultation. Our team proudly serves clients located including St. Charles, Geneva, Elgin, Batavia, Aurora, Wheaton, Naperville, and surrounding areas of Kane County, DuPage County, DeKalb County, Kendall County, and Fox Valley.