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Clarify The Process To Divide Your Marital Property

Property division can be one of the most hostile aspects of going through a divorce. Illinois is an “equitable distribution” state in which the court must impartially divide the property accumulated during the marriage. A variety of different factors are considered during the division of marital property, which is why it is important to hire an experienced attorney. That is where Michael L. Lodermeier, P.C., steps in. Mr. Lodermeier has worked with clients throughout Illinois.

What You Need To Know

In property division, the courts must first determine which properties owned by the parties are marital or nonmarital. Nonmarital property is property, generally and with exceptions, acquired by a party before marriage or by direct gift and maintained separately from the marital estate. Marital property, again, generally and with exceptions, is property acquired by the parties during the marriage, which includes income.

Only marital property can be divided by the court. However, the court may take into consideration a party’s nonmarital assets when making an equitable division of the marital estate. The court’s objective is not an even split of assets, but to be as fair as possible. Depending on how long your relationship lasted, the financial status of both parties, contributions of both parties and how ownership of assets is divided, one party may receive very little in the divorce while the other party seems to receive more. However, the division of marital property is based on a formula and the court considers a variety of factors when making this decision.

Call Today For Experienced Guidance

It is Mr. Lodermeier’s goal to provide a truly equitable distribution of your property. He wants children to see a seamless transition in life, even if their parents cannot live together. To learn more, call Mr. Lodermeier at 630-518-9100 today. You can also fill out his online contact form. He has offices in Chicago and Oakbrook Terrace.