110 E. Schiller Street, Suite 320, Elmhurst, IL 60126

Weiss-Kunz & Oliver, LLC312-605-4041

CHICAGO
 ⚫ PARK RIDGE
 ⚫ ELMHURST -

elmhurst-divorce-attorney_20220627-221636_1.jpgMarriages can break down for a variety of reasons, but once a couple chooses to pursue a divorce, they will often be looking to make a clean break, separate their lives from each other, and determine how they can move forward successfully. However, this is not always easy, especially when a couple needs to address complex financial issues related to the assets they own and other financial resources that are available to them. During the property division process, spouses may need to determine how to handle multiple types of complex assets, including retirement accounts and benefits. It is crucial to address these matters correctly, since retaining ownership of these assets will ensure that a person will have the financial resources they need later in life.

To ensure that your rights and financial interests will be protected during your divorce, it is essential to secure representation from a qualified and experienced attorney. At Weiss-Kunz & Oliver, LLC, we regularly represent clients in complex divorce cases involving multiple different types of financial assets, as well as other issues that may lead to contentious disputes between spouses, such as child custody or spousal maintenance. With our strong knowledge of the divorce laws in Illinois, the best ways to handle different types of financial assets, and the methods that can be used to resolve disputes, we are prepared to protect your interests and help you find solutions that will allow you to succeed after your marriage has ended.

Types of Retirement Savings Accounts That May Need to Be Considered

There are multiple types of retirement accounts that may need to be considered during the divorce process. These fall into two general categories: qualified plans and non-qualified plans. Qualified plans are covered by the Employee Retirement Income Security Act (ERISA), and they include 401(k) accounts, 403(b) plans, and other tax-deferred retirement plans that are provided to employees as benefits by their employers. Non-qualified plans are not eligible for tax-deferred benefits under ERISA, and they may include individual retirement accounts (IRAs), simplified employee pensions (SEPs), and deferred compensation plans.

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elmhurst-divorce-lawyers.jpgSome divorce cases may be relatively simple. If a couple does not own extensive assets, and if they are in agreement on how various issues related to the end of their marriage will be addressed, they may be able to complete an uncontested divorce fairly quickly. However, many divorces will involve complex issues that are not so easy to resolve. Disagreements between spouses can easily become contentious, especially when spouses have difficulty communicating effectively or cooperating with each other. Matters related to the division of marital property can be some of the more complex issues that divorcing spouses will need to address. By understanding property-related issues that can complicate the divorce process, a person can make sure they will be able to protect their financial interests as they work to end their marriage.

The attorneys of Weiss-Kunz & Oliver, LLC have represented clients in a wide variety of complex divorce cases, and we understand the legal and financial issues that can affect divorcing spouses. With our experience in matters related to high net worth divorce, we can ensure that all factors related to the income earned by both spouses and the property they own together and separately will be considered correctly. Our goal is to help our clients complete the divorce process in a way that will allow them to move forward successfully and maintain financial stability in the years to come.

Addressing Commingling of Property

Before a couple can begin making decisions about how property will be divided, they will need to determine whether certain assets are considered to be marital property. Generally, marital property, which includes all assets and debts acquired after a couple became married and before a legal separation, will need to be divided. Separate property, which may include assets owned by a spouse before getting married or items excluded from the marital estate by a prenuptial or postnuptial agreement, will not need to be divided, and the spouse who originally acquired these assets will be able to retain ownership.

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elmhurst prenuptial agreement lawyerIf you are preparing to get married, you will have a lot to consider as you plan for your life together with your future spouse. When there are many different issues related to your wedding that you will need to address, as well as plans for changes to your life as you combine your finances and prepare to live together, the possibility of a divorce is likely to be the last thing on your mind. Even if the idea that your marriage may not last may be unthinkable, you should still consider this possibility and make plans for how you and your partner will handle matters if you do choose to get divorced in the future. You can do so by creating a prenuptial agreement, and even if divorce never becomes an issue, this type of agreement can benefit you and your spouse in other ways as well.

Prenuptial agreements in Illinois are governed by the Uniform Premarital Agreement Act. Illinois law uses the phrase "premarital agreement" but the term prenuptial agreement is still sometimes used informally. 

As you consider how to address legal and financial issues as you prepare to get married and determine the best ways to protect yourself, Weiss-Kunz & Oliver, LLC can provide invaluable legal help. We will make sure you understand your rights and options, and we will work with you to negotiate an agreement that will fit your unique situation. With our help, you can make sure both you and your partner fully understand the issues you plan to address, the decisions you make, and the benefits a prenuptial agreement can provide to you throughout your marriage.

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Elmhurst family law attorney for asset divisionGetting a divorce will require you to address many different legal issues, and figuring out how you and your spouse will separate your lives from each other can often be a complex process. Determining how to approach the division of marital property is not always easy, but by understanding how the laws apply in your case, you can make decisions that will protect your rights and financial interests, allow you to benefit from the effort you put into your marriage, and provide you with the resources you need to succeed as you move forward with your life.

During the divorce process, you can make sure you are taking the right steps to address property division by working with an experienced attorney. The lawyers of Weiss-Kunz & Oliver, LLC provide our clients with knowledge and understanding of how the divorce laws in Illinois apply to them and how disagreements between spouses can be resolved. Whether you need to address valuable assets during a high net worth divorce or are looking to negotiate a property settlement during an uncontested divorce, we can advocate for your interests and advise you on how to resolve disputes successfully and finalize your divorce as quickly and efficiently as possible.

Understanding Your Rights Regarding Marital Property

Before you can begin the property division process, you will need to understand what types of property will need to be considered. The assets you and your spouse own may be divided into two categories: marital property and non-marital property. Marital property includes all assets and debts you have acquired during your marriage (after the date you were married and before the date that you were legally separated). Non-marital property includes any assets either of you owned before you got married or that were acquired after a legal separation. Assets received through gifts or inheritances will also usually be considered non-marital property, and a prenuptial or postnuptial agreement may also be used to state that certain assets will be categorized as non-marital property owned by one spouse.

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Chicago divorce attorney for hidden assetsAlthough we rarely think of marriage in these terms, spouses who get married enter into a financial partnership with each other. Consequently, a marriage represents much more than the romantic or personal connection between spouses. It also represents a melding of the spouses’ finances. Per Illinois law, spouses are entitled to an equitable portion of the marital estate during divorce. Unfortunately, the process of allocating marital property between spouses in a divorce becomes much more complicated when a spouse lies about finances. 

If you are getting divorced, it is essential to understand your rights regarding the division of marital property, child support, spousal maintenance, and other divorce issues. If you suspect that your spouse is lying about finances or may attempt to hide assets during your divorce, contact a divorce attorney for help right away.

Understanding Illinois Law Regarding Marital Assets and Divorce

Illinois is an “equitable distribution” state with regard to the division of assets during a divorce. This means that by law, you have a right to an “equitable” or fair share of the property contained in the marital estate. Most of the property and liabilities accumulated by either spouse during the marriage fall into the category of “marital property.” Marital property often includes bank account balances, retirement funds, investments, real estate, vehicles, and household items like furniture. Complex assets like stock options, mutual funds, businesses, and professional practices may also fall into the category of marital property. If an asset is considered marital property, both spouses are entitled to a share of the asset’s value.

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