St. Charles Division of Property Lawyers

Navigating Marital Asset Division with Our St. Charles Family Law Attorneys

Division of property negotiations can be contentious for both emotional and financial reasons. Even if relations between you and your spouse are reasonably amicable, the stress of divvying up everything that you bought together can take its toll.

At Weiler & Associates, Inc. PC, we understand how much two people can accumulate over the years and that many of your possessions are tinged with memories. As experienced divorce attorneys, we will guide you through the process of listing all of your and your spouse's assets and debts, designating each item as either marital or non-marital property, assigning values to each asset, and developing an equitable division of your marital estate.

Illinois Law Governing Division of Marital Property

Illinois divorce law encourages divorcing spouses to develop their own agreements for division of property and spousal maintenance (750 ILCS 5/502). The court is required to approve whatever written agreement you present on these matters unless the court finds that the agreement is unconscionable given the economic circumstances of the parties and other relevant evidence.

The terms of your settlement agreement become part of the court judgment when your divorce is finalized and are legally enforceable.

Do the Terms of My Divorce Become Public Record?

Generally speaking, the facts that you have filed for divorce and that a divorce has been granted are matters of public record. Records of court hearings are also generally part of the public record. However, if your attorney can present a strong argument as to why some of your divorce documents should be sealed from public view, the court may grant that request. For example, you may want discovery documents related to your finances to be sealed.

However, your final settlement terms do not need to become part of the public record. Ordinarily, all divorce terms are made part of the final divorce decree or judgment, which is public. Instead, you can ask that the specific terms of your settlement be "incorporated by reference," meaning that the divorce decree simply refers to a separate document but does not reveal the contents of that document.

What If My Spouse and I Cannot Agree on the Division of Marital Property?

Illinois law 750 ILCS 5/503(d) defines the rules by which marital property will be divided by the court if the parties do not agree to a settlement outside of court.

The law states that property will be divided without regard to marital misconduct in just proportions considering all relevant factors, including:

• Each party's contribution to the value of the property, including the contribution of a spouse as a homemaker or to the family.
• Each party's dissipation of marital assets, referring to any hiding or wasting of assets that occurred after the marriage began to breakdown.
• The value of each party's separate non-marital property.
• Any prenuptial or postnuptial agreement of the parties.
• The duration of the marriage.
• The age, health, occupation, amount and sources of income, vocational skills, employability, estate, liabilities, and needs of each of the parties.
• Whether the apportionment of property is in lieu of or in addition to maintenance.
• The reasonable opportunity of each spouse for future acquisition of capital assets and income.
• The relevant economic circumstances of each spouse when the division of property is to become effective, including the desirability of awarding the family home, or the right to live there for some reasonable period of time, to the spouse having the primary residence of the children.
• The custodial provisions for any children.
• Any obligations and rights arising from a prior marriage of either party.
• The tax consequences of the property division upon the respective economic circumstances of the parties.

Note that the term "just proportions" does not mean that assets and debts must be divided 50/50. In some cases, one spouse might deserve 100 percent of the marital assets, while in other cases a 60/40 or 70/30 split might be considered fair.

These rules are also valid considerations when you are working out your own division of property with your spouse. The attorneys of Weiler & Associates, Inc. will make sure that all factors in your favor are brought forth in the negotiation process so that you receive your fair share of marital property.

St. Charles Divorce Lawyers Safeguarding Your Assets

If the division of your marital property is of great importance to you, you can trust the experienced divorce attorneys at Weiler & Associates, Inc. to help you achieve a settlement that maximizes your financial best interests. Contact us at 630-331-9110. We serve clients in St. Charles, Geneva, and neighboring communities in Kane County.