Law Offices Of Michael A. Perez

1011 N. California Ave
Chicago, Illinois 60622

Law Offices Of
Michael A. Perez

1011 N. California Ave
Chicago, Illinois 60622

Law Offices Of
Michael A. Perez

1011 N. California Ave
Chicago, Illinois 60622

Divorce Lawyer

Serving Humboldt Park, Wicker Park, Ukrainian Village, Bucktown, Logan Square & throughout Chicago, IL.

When you are dealing with a divorce, the last thing you need is to be worried that you are not getting the quality representation you deserve. A divorce can be confusing, stressful and emotionally exhausting. The Law Office of Michael A. Perez will help you through this most difficult time in your life.

For couples who are uncertain whether divorce is the best option, we can explain other options. For those who are ready to terminate the marriage, we will provide expert advice for handling property division and protecting your assets. We can lighten the load during this difficult time, while working for the best result possible in your case.

Division of property during a divorce is more complex than simply dividing furniture. Dividing assets such as real estate, investments, retirement accounts and debts often have other hidden aspects such as penalties and taxes that must be considered. If you are currently involved in divorce proceedings with your spouse, you must understand and use this information to avoid financial peril.  Marital property is any property acquired by either spouse during the marriage and shall be divided equally, with some exceptions. How title is held on the property is irrelevant if it was purchased during the marriage.   A good divorce lawyer can help with this situation.

The list of assets is not exhaustive, but here are some examples:

  • Homes (vacation or residential)
  • Vehicles
  • Stock options
  • Businesses
  • Retirement plans and pensions
  • Brokerage, investment and bank accounts
  • Pets

Non-marital property according to the Illinois law can be defined as the following:

  • Any property acquired by either spouse as a legacy, inheritance or gift
  • Any property exchanged for another property acquired by any of the means mentioned above     or for property acquired before marriage
  • Property acquired by the spouse after legal separation has been granted
  • Property excluded from division if the two parties have signed a legal agreement (prenuptial

agreement)

  • If the Property that was acquired by either spouse before the marriage
  • Any increase in the value of property by any of the methods mentioned above
  • Lastly, any income from property acquired by any of the above methods, especially if the
    income cannot be attributed to the personal effort of anyone in the marriage.

As mentioned above, a good example of non-marital property is inheritance. If a spouse inherits money before or during the marriage and chooses to keep it in a self-titled account, this is outright non-marital property. It is good to know that in some cases, some actions might deem non-marital property to be marital, but it is entirely dependent on the actions of the owner. This is referred to as transmutation. The law regarding this particular aspect can be very complex and that is why it is important to seek legal counsel in the event of such issues. Choose a divorce attorney who is well-versed in Illinois divorce law to avoid any further complications during a dissolution of the marriage.

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