Schaumburg Property Division Lawyers

Next to child custody, property division is usually the most contentious issue in an Illinois divorce matter. Deciding on dividing property is never easy, but it can be even more challenging if you and your spouse own a significant amount of assets or have hard-to-value items. Valuing some assets can be challenging, which makes it difficult to divide equitably. In cases like this, it is essential to speak with skilled Schaumburg property division lawyers who can help.

At SAM LAW OFFICE LLC, our family law attorneys have significant experience with high-asset portfolios. We have an in-depth knowledge of the Illinois property division statutes. We have a long history of representing clients in complex property division matters. If you cannot reach an agreement with your ex on how to divide your assets, let our Schaumburg property division lawyers help.

How is Marital Property Divided in a Schaumburg Divorce Case?

Illinois follows the legal theory of equitable distribution. Equitable distribution states that a couple’s marital assets should be distributed in a fair and equitable manner. It does not mean all assets are split 50/50 as you might in a community property state. With equitable distribution, the premise is that each partner walks away with his or her fair share of the overall marital estate.

Disputes can arise at any point in the process. While couples with complex asset portfolios are the ones that struggle most to reach an agreement, we see plenty of couples unable to divide easier to value assets like cars, or real estate.

What are Hard-to-Value Assets?

Assets like money in the bank account should be relatively easy to divide. Financial accounts that are not a fixed value can be far more challenging. Our Schaumburg property division lawyers can help you value assets like:

• Pensions and retirement accounts like 401(K)s or IRAs;
• Intellectual property;
• Stocks, bonds, and other investment accounts;
• Business ownership or interest, property, and other related assets;
• Life insurance and other associated benefits;
• Heirlooms and inheritance-related assets;
• Investment property;
• Antiques, artwork, and other collectibles; and
• Foreign assets and accounts.

Sometimes, it is not the financial value that makes an asset challenging to value. It could be a sentimental asset. Sometimes those are the hardest to divide because the item is clearly worth a lot to each party. Family pets often fall into this category. It is painful for some couples to hear that the law treats their extended family member like a regular piece of personal property. Unfortunately, there are no laws that deal with pet custody. Who gets the family dog or cat falls under property division laws.

Contact an Illinois Family Law Attorney

If you need assistance with dividing marital assets in Illinois, our Schaumburg property division lawyers are here to help. Contact SAM LAW OFFICE LLC today to schedule an initial consultation.