Disputes over finances are often cited as the number one cause of divorce in the U.S. As such, it is not surprising that the matter of property division within divorce proceedings is often the most contentious issue. At the law firm of Mulyk, Laho & Mack, LLC, our lawyers are highly experienced in handling this often complicated aspect of the divorce process.
Contact the Property Division Attorneys at Mulyk, Laho & Mack, LLC at (630) 852-1100
There are three main steps in dividing property in a divorce—determining which property is marital property, assigning a value to the marital property and determining how the marital property will be distributed. In general, marital property consists of all property that is acquired during a marriage, which was not acquired by one spouse through an inheritance or as a gift. Valuing that property can be difficult and often requires the assistance of accountants and appraisers.
Understanding Equitable Distribution
Illinois is an equitable distribution state. The takes into consideration many factors to determine an equitable or fair split of the marital property, including but not limited to:
- Duration of the marriage
- Contributions of each spouse including homemaking services
- Earning power of each spouse
- Who earned the property
- Value of non-marital property
- Post-divorce circumstances of the spouse including child custody arrangements
- Pre-nuptial agreements
Our attorneys are knowledgeable concerning all of the factors that go into determining an equitable distribution of property. As skilled negotiators and litigators, we fight for the interests of our clients whether it is across a table or in a court room.
If you are in need of an attorney that concentrates in the area of family law or any of our other related practice areas, contact Mulyk, Laho & Mack, LLC at (630) 852-1100 or by email to make an appointment for a consultation.