Division of Marital Property Lawyer
During a divorce, the division of property that people commonly refer to is the equitable division of the marital estate. There are two important elements to this division of property - defining the marital estate and what equitable means in practice.
I am Aurora property division attorney Matthew M. Williams of the Law Office of Matthew M. Williams, P.C. I understand how to help you achieve your goals for the division of property portion of your divorce. Let me help you craft a divorce property settlement that will assist in the establishment of your new, individual household.
What Is the Marital Estate?
Put simply, the marital estate is all property acquired during the marriage. Property acquired before the marriage is generally not to be divided. Exceptions are made for property that has been inherited or received as a gift by one of the parties individually. Even an inherited asset can become part of the marital estate if it is commingled. Commingling is the blending of individual assets with marital assets through use or other means. For example, if inherited funds are kept in a joint account and used to pay mutual obligations, an individual (or non-marital) asset may become part of the marital estate.
What Does Equitable Mean?
Equitable does not mean equal or necessarily fair. Appropriate given the situation is a simple way to explain the term. If your divorce is litigated, the judge will look at a variety of circumstances specific to your case in order to discern what an equitable division of property is. In some instances, an equitable division may be a 50/50 split, in others, a disproportionate allocation of assets or debt obligation may be appropriate.
The division of property is an area where my skill as an attorney can be very helpful. Through negotiation, various goals can be accomplished, such as releasing certain assets to secure a different asset or lowering your spousal maintenance obligation by releasing more assets or taking on more of the marital debt.
Upside-Down House Values
A complicating factor is the current housing market. For many divorcing couples, their home may be worth less than what is owed. There are a plethora of options available to people dealing with this issue. Having an experienced divorce attorney will help you minimize your exposure and maximize your position.
Contact My Office
Effective property division representation can help you start your new life on sound financial footing. Call 630-409-1261 or simply contact me online to schedule your initial consultation. Flexible payment plans and reasonable retainers are part of the commitment I make to helping you move forward with your life.
