Asset Protection Divorce Attorney Downers Grove
Asset Protection Divorce Attorney Downers Grove
One of the most complicated and contentious divorce concerns is generally the division of marital assets, and if you are facing a divorce, your financial future is likely a top concern. If your divorce involves high assets, the stakes are even higher, and you need an experienced asset protection divorce attorney in Downers Grove in your corner.Â
The Division of Marital Assets in Illinois
In the State of Illinois, marital assets refer to all those items of value, including real estate, businesses, and every other form of wealth. It doesn’t matter who made the purchase or whose name is on the title or dead – if you acquired it while you were married, it’s very likely a marital asset that will need to be divided between you and your divorcing spouse equitably upon divorce.Â
Equitably for this purpose means fairly – once the relevant circumstances are factored into the equation. There are, however, two important exceptions to the presumption that the property is a marital asset, and they are:
- If the asset was inherited by one of you in your name only during the course of your marriage
- If the asset was gifted to one of you in your name only during the course of your marriage
Any property that you or your spouse brought with you into the marriage – and kept disentangled from your marital financials – will remain your separate property, but proving the separate nature of separate property can be decidedly complicated if you did not purposefully keep the asset separate from the start. Another final point to make is that, even if you did keep the property or asset completely separate from your marital assets, any increase in its value is marital property that will need to be divided equitably between you.Â
Complicating Factors
If you have family wealth or any other complicating factor, you can expect the division of marital property – with a focus on asset protection – to be that much more challenging. Those factors that tend to complicate this division include:
- Business ownership, especially a family business that you brought into the marriage with you
- High assets generally
- A professional practice, such as a doctor, lawyer, or therapist’s practice
- High income, such as those earned by corporate officers or shareholders
- Family money (which is often intended to be handed down from generation to generation)
With skilled legal guidance on your side, you will strategize the best path forward in your efforts to protect your assets. Many people with high assets choose to protect them via prenuptial – and postnuptial – agreements, which tend to help strengthen the available protections. Â
It’s Time to Consult with an Experienced Downers Grove Asset Protection Divorce Attorney
Cameron H. Goodman at Goodman Law Firm – proudly serving Downers Grove, Illinois – is a seasoned asset protection divorce attorney who is committed to skillfully advocating for your rights and helping you carefully protect your assets throughout the divorce process. To learn more, please don’t wait to contact us for more information today.
FAQs About Divorce in Illinois
What should I do if I have been served with divorce papers?
If you have received service of divorce papers, contact an experienced divorce attorney to review the documents, understand your rights, and plan your next steps. Time is critical in divorce proceedings, and having skilled legal counsel from the start can make all the difference.
How can I prepare for my initial consultation with a divorce attorney?
Bring documents such as financial records, prenuptial agreements, and a list of any questions you have. Be prepared to discuss your relevant goals and concerns openly and honestly. The more information you provide, the better we can assess your situation and develop a strategy that serves your best interests.
How are collaborative law, mediation, and negotiation different?
- Collaborative law is a structured process where both parties and their attorneys commit to resolving the divorce without going to court. It involves open communication and cooperation, with the goal of reaching a mutually beneficial agreement.
- In mediation, a neutral third-party mediator facilitates discussions to help divorcing parties reach a mutual agreement. Rather than making decisions, the mediator guides the negotiation process toward productive outcomes.
- Negotiation involves discussions between the parties directly or their attorneys to settle divorce terms. Unlike mediation, there is no neutral third party.
What should I expect during the divorce process?
The process typically involves filing for divorce, exchanging information, negotiating terms, and finalizing the agreement. If negotiations fail, courtroom litigation will become part of the process.
What happens if my spouse refuses to cooperate during the divorce?
If your spouse is uncooperative, the court may have to intervene to resolve disputes. At Goodman Law Firm, our attorney has experience in handling contentious cases and will advocate for your interests even in circumstances where spousal cooperation is limited.