Dividing Property and Determining Spousal Maintenance
All property must then be valued and divided in a divorce — but division does not necessarily mean each spouse will receive equal portions of the marital estate. Property division for a divorce settlement or trial is not as simple as creating piles for “him” and “her.” Before the division of assets, careful study and research are often necessary to make sure that all of the property has been accounted for.
You Value Your Time and Money — Talk to a Lawyer Who Respects Them, Too
Parker & Parker, an established family law practice in Peoria, can help you get through and get past this aspect of your Illinois divorce. We can help you avoid spinning your wheels, wasting time and money as you complete this necessary process.
Each piece of property will be considered either marital or nonmarital. This distinction can become complicated when dealing with stock options, houses, retained corporate earnings, farms, and other assets. Illinois law gives a set of criteria for people and courts to consider in the property division aspect of a divorce. We often see multimillion-dollar estates with complex collections of assets to classify, value, and divide. Whatever your financial status, our lawyers can help you progress through property division efficiently and accurately.
Understand When Spousal Support is Appropriate and How to Determine an Amount
“Spousal maintenance” — often referred to as alimony — consists of payments one spouse makes to another after the marriage ends. This comes about when a wife or husband has been financially dependent in a marriage. If one spouse cannot support him or herself, and the other spouse can contribute, in many circumstances maintenance is now ordered.
The amount and length of time maintenance remains in place varies from one property and maintenance case to another. A long set of criteria exists for courts to consider in determining maintenance. Illinois law provides guidelines for maintenance when you and your spouse’s combined gross incomes are under $250,000 per year but those guidelines do not apply to incomes over that threshold. You need experienced attorneys by your side when maintenance is a factor in your case.
Spousal support is an area in which a skilled attorney can make a large difference in your case.
Reach Out to Parker & Parker Attorneys at Law to Get Started With Property Division
Call 309-673-0069 or send an email message to schedule a consultation with an attorney.