Divorce and separation almost inevitably lead to some disputes regarding equitable or fair asset and/or debt division. In cases where the parties have clearly developed pre-nuptial agreements, asset division can be straightforward and requires relatively little legal counsel. Yet even when pre-nuptial agreements exist, couples in Rolling Meadows forget how their assets have changed and evolved over the years. New properties acquired since the time of marriage, new debts, and any new assets need to be classified as either jointly owned or owned only by one or the other person. Any time a situation or conflict arises during divorce or separation proceedings, a Rolling Meadows asset division attorney can help to elucidate the situation, offer legal advice, and help the rest of the divorce proceedings go smoothly.
Asset division attorneys primarily help with the classification of separately versus jointly owned debts and/or assets. Properties and other assets acquired during the time of marriage will usually be classified as jointly owned. Properties that one or the other party had owned prior to the marriage is usually going to be considered personal or separate holdings, unless otherwise specified or stipulated. However, every case is different. Also, if one or the other party inherited an asset or property, it may be considered private or separate property. A Rolling Meadows Asset Division Attorney understands how Illinois law addresses specific issues and situations, with the goal of helping the parties reach quick and judicious solutions. Gifts are usually treated like inheritances, in which they are considered separately owned assets but the other party may call the nature of the gift into question when a gift was intended for the couple. Because of these and similarly thorny situations, most people going through a divorce need an asset division attorney to avoid further problems down the line.