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Tag Archives: dividing marital assets

Wheaton divorce attorneysAlthough the 2017 American Community Survey estimates the number of divorces is on the decline in Illinois, women still need to be aware of how to protect themselves financially, should divorce become inevitable.  There are two common financial mistakes shared by a number of divorcing women - not only in Illinois but throughout the United States.  By taking a proactive role and getting ahead of these common financial mistakes, women can save themselves a lot of frustration and be better prepared for their future.  

1. Not Knowing Your Marital Assets and Debts

In Illinois, there is a presumption that property acquired during the marriage is marital property, therefore it should be divided equitably. However, many women are unaware of the extent of their marital property, which may cause them to leave money on the table. Consider that marital property can include a variety of assets - from retirement accounts and offshore bank accounts to car collections and earnings on investments. It is important to immediately identify and determine the values of these items since knowing these values will allow for a more equitable share in the assets of the marriage.  

While it is crucial to know the marital assets, it is just as important to be fully informed of the marital debts. Where there is often a lack of knowledge of assets, the same is often true of marital debts. Debts can include car loans, home mortgages, credit cards, lines of credit, or any other debt. These will be factored into a property settlement along with any assets. If unaware and unprepared for them, you could be financially crippled in your new life, long before you even begin. Thankfully, with guidance and skilled legal counsel, you may be able to overcome such financial hurdles in your Illinois divorce. 

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Abraham Lincoln A lawyer’s time and advice are his stock and trade. -Abraham Lincoln
Davi Law Group, LLC handles family law, estate planning and real estate matters for clients in Chicago and throughout the western suburbs including DuPage County, Will County, Kane County, Kendall County and Cook County and the cities of Aurora, Bloomingdale, Bolingbrook, Carol Stream, Darien, Downers Grove, Elmhurst, Geneva, Glen Ellyn, Hinsdale, Joliet, Kendall County, Lisle, Lombard, Naperville, Oak Park, Oak Brook, Oswego, Park Ridge, Roselle, St. Charles, Villa Park, Warrenville, Wheaton, Winfield, Woodridge and Yorkville, Illinois.
Warrenville Office
Address28371 Davis Parkway, Suite 103, Warrenville, IL 60555
Phone(630) 657-5052
Fax(888) 350-9195
Wheaton Office
Address1776 S. Naperville Road, Building A, Suite 105, Wheaton, IL 60189
Phone630-580-6373
Fax(888) 350-9195
Chicago Office
Address321 N. Clark Street, Suite 900, Chicago, IL 60654
Phone(312) 985-5676
Fax(888) 350-9195
Joliet Office
Address58 N. Chicago Street, 7th Floor,
Joliet, IL 60432
Phone(815) 582-4901
Fax(888) 350-9195
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