Bloomingdale Divorce Attorneys

Divorce Lawyers for Asset Division in Bloomingdale, IL

The end of your marriage can lead to emotional turmoil and other types of hardship. Many factors may feel out of your control, especially when you are trying to figure out what will become of your financial assets and the property you own. At such a crucial point in your life, having a skilled legal advocate who can represent you and your best interests is incredibly important.

At Mevorah & Giglio Law Offices, our attorneys bring decades of legal knowledge and professional experience to every divorce case. With over 100 5-star reviews from satisfied clients, we have a track record of proven success. We are proud to represent the people of Bloomingdale in family law cases, as we can serve as fierce advocates and steadfast defenders of your rights.

Addressing Your Assets During Your Divorce

As you prepare for the dissolution of your marriage, you might be scrambling to figure out what property belongs to you and what will go to your spouse. In divorce cases, the property you own may be either marital or non-marital. Generally, anything you owned or acquired prior to your marriage is considered non-marital property. Likewise, items you received as personal gifts or as part of an inheritance legally belong to you and typically will not need to be divided with your spouse. However, any property you acquired while you were married is most likely considered marital property that must be divided in a divorce.

The distinction between marital and non-marital property can sometimes become murky. When non-marital assets become mixed or "commingled" with marital property, they may be subject to division in a divorce. Business assets are a common example of property that may become commingled. You may have owned your business before getting married, but if your spouse supported it in any capacity, such as by investing money earned during your marriage into expanding the business, some of the business assets may be considered marital property. Similarly, inheritance money put into a joint bank account may be considered a marital asset, and your spouse may be entitled to a share of that money.

Some examples of marital assets include:

• The marital home
• Other real estate holdings
• Furniture
• Vehicles
• Pensions
• Retirement accounts
• Investments

Debts are also subject to division during a divorce, even if only one spouse took them on during the marriage. Auto loans, credit card debt, or student loans may be split between spouses.

In a high net worth divorce with $1 million or more in total assets, special attention will usually be given to both marital and non-marital property to make sure everything is valued and divided fairly. If you are unsure about how financial issues will be handled during the dissolution of your marriage, the attorneys at Mevorah & Giglio Law Offices can sit down with you to discuss your options.

Considerations Regarding Spousal Maintenance

During the divorce process, the court may decide that spousal maintenance (better known as alimony) will be appropriate. This is a type of financial support that one spouse may pay to the other. The length of time that support will be paid will typically depend on the length of the marriage.

Every divorce case is different, and the court will review both spouses' income and earning potential along with other factors to determine whether spousal support should be paid. In cases where both spouses earned roughly the same income, the judge may not mandate spousal maintenance. However, in a marriage where one spouse did not work outside the home while the other acted as the breadwinner, the court may award spousal maintenance.

Get in Touch with a Bloomingdale, Illinois Divorce Lawyer

Even at the best of times, a divorce can be stressful for all parties involved. It is completely natural to want to protect your assets, and you will want to understand what the future holds as you make financial plans. At Mevorah & Giglio Law Offices, our divorce attorneys have over 175 years of combined experience, and we strive to handle every case as efficiently as possible. We will advise you on the best ways to protect your interests so that you can move into the next stage of your life successfully.

If you have any questions or concerns about your pending divorce, we encourage you to contact us for a free consultation at 630-529-2400.