Safeguard Your Financial Future During Divorce

It is not uncommon for debt and asset division to spark bitter debates throughout divorce proceedings. If your financial future is at stake, it is natural to move aggressively to receive your fair share of your property, investments and other sources of income.

Turn to attorney Paul Chiligiris during this uncertain and stressful time. He has successfully represented clients involved in property and debt division negotiations throughout central Illinois since 1992. He is equipped to help overcome your family law concerns in or out of court.

Dividing Property And Debt In Illinois

Before dividing assets, the court must determine which are marital and which are nonmarital. Marital property includes most assets acquired by either spouse during the marriage. Nonmarital property may include:

• Property acquired through gift, inheritance or descent
• Property received in exchange for nonmarital property
• Property obtained before the marriage
• Assets excluded by a valid prenuptial or postnuptial agreement
• Property awarded to one spouse through a legal separation judgment
• Any increase in value or income from nonmarital property

Identifying what belongs in each category is the first step toward ensuring a fair division.

Factors That May Affect Your Outcome

When dividing marital property, the court does not consider marital misconduct. Instead, it may review:

• Each spouse’s contributions to acquiring, maintaining or improving property, including as a homemaker
• Whether either spouse misused or wasted assets
• The value of property each spouse will receive
• The length of the marriage
• Each spouse’s financial situation and earning potential
• Custody arrangements for any children
• Valid prenuptial or postnuptial agreements
• Tax implications of the division

Courts may also divide pensions and retirement accounts acquired during the marriage. Nonmarital property generally stays with its original owner, but a large difference in non-marital assets can influence how marital property is split. Debts are divided using the same principles.

Get A Skilled Legal Ally In Your Corner

Talking to an experienced lawyer can help you find out more about dividing property and debt issues. Please email the Decatur office or contact Paul G. Chiligiris, Attorney at Law, by phone at 217-615-4053 to get sound advice on the family law issues that matter to you.