Divorce becomes more difficult when there are significantly different views between the parties on how the dissolution of property should occur. If you are facing a contentious divorce with disagreements relating to asset division, it is imperative that you understand the difference between marital and non-marital property in order to protect your interests. In such situations, a Palatine asset division attorney is essential.
Understanding the Difference Between Marital and Non-Marital Property
Simply stated, any property or asset that is purchased during the time of the marriage is considered marital property. However, this does not apply to any items that were received as a gift or inheritance. There are also cases in which a legitimate agreement between the two parties stipulates that certain items will be excluded from marital property. The advice and guidance of a Palatine asset division attorney will ensure that your interests are protected and the proper classification is given to all assets.
Transmutation of Non-Marital Property
Many individuals do not understand the concept of transmutation and rely on an experienced Palatine asset division attorney to help them navigate what can be a difficult and confusing process. Illinois law pertaining to asset division is complicated to understand when there are certain asset clarifications that are not cut and dry. For instance, if one spouse receives an inheritance and then deposits the funds into a joint account, the money could then be considered marital property.
There are many reasons to engage the services of a specialized attorney and protecting your interests during asset division is one of them. Illinois law is not straightforward in this area, and retaining legal counsel is the best way to receive the assets that you deserve.
The Law Office of Fedor Kozlov, P.C. is a Schaumburg, IL practice that is focused on Family Law. They specialize in Asset Division, Business Division, Debt Division, Divorce, Equity Division, Property Division, Spousal Support/Maintenance and more.
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