Marital Property Division
Springfield, Illinois, Marital Property Division Attorneys
The Family Home — Business Valuations — Debts
If you get divorced in Illinois, the property you accumulated during your marriage —called the marital estate — must be divided equitably. The courts seek to divide property fairly, though not necessarily 50-50. Property acquired before the marriage, including gifts and inheritance, and is generally not subject to division in a divorce, but the rules are complex.
For experienced counsel in the division of marital property, contact the divorce attorneys at law office of Feldman, Wasser, Draper & Cox in Springfield, Illinois. A knowledgeable family law lawyer will be glad to meet with you to discuss your concerns about business valuation, asset division and equitable distribution of marital property.
Equitable Division of Marital Property and Debt
Our family law attorneys focus on helping divorcing couples divide their marital estate fairly, including:
- The family home
- Cars and recreational vehicles
- Family-owned businesses and professional practices
- Stocks and investment accounts
- Retirement accounts, including IRAs and 401(k) plans
We generally seek to negotiate a settlement that divides marital property. Although we have a great deal of experience in this area, it is impossible to guarantee the outcome if equitable distribution is brought to court. The court will consider the length of the marriage, the income, health and age of each spouse, as well as the standard of living enjoyed during the marriage.
Division of Marital Property: Business Valuations
If either spouse started a business during the marriage, it is considered a marital asset and is subject to asset division. That doesn't mean taking a chain saw and cutting the business itself in half. Our attorneys work with CPAs and other experts to determine a fair market value for the business, including property, buildings, inventory and intellectual property.
Many divorcing couples in Illinois must divide the assets of a family farm. The lawyers at Feldman, Wasser, Draper & Cox know how to fairly value these assets, including farm equipment, land, residences and outbuildings. We have been helping families deal with division of complex marital property since the founding of our firm in 1987.
Dedicated to Serving Our Clients
Attorney Howard W. Feldman and attorney Kelli E. Gordon are members of the American Academy of Matrimonial Lawyers, a professional group dedicated to promoting excellence among matrimonial law lawyers and forwarding the interests of the American family. Contact our divorce lawyers today for a confidential consultation.