Orland Park, IL Divorce Attorneys Manage Complex Property Division
Experienced legal representation for high net worth marital estates
One of the most contentious aspects of any divorce is the division of the spouses’ assets. Although Illinois statutes and case law provide guidance for equitable distribution, judges have broad discretion, and opposing parties are not always transparent about their assets and debts. Your choice of a capable attorney is crucial. The right lawyer is one who can manage discovery, perform analysis and prepare a professional presentation of your case.
Understanding equitable distribution in Illinois
In Illinois, virtually all property acquired during the marriage, except for gifts and inheritances, is marital property, which the court divides through a process known as equitable distribution. The goal is to arrive at a fair, but not necessarily equal, allotment. Factors the court considers include:
- The length of the marriage
- The financial needs and means of each spouse
- How much each spouse contributed to the marital estate
For equitable distribution to work, it’s essential that each asset and each debt be disclosed, properly categorized as marital or separate, and valued accurately. The Palmisano Law Group applies knowledge gained from decades of practice to conduct thorough discovery and make appropriate valuations. We help our clients negotiate fair settlements so they control the final outcome, rather than leaving the decision in the hands of a judge. Another possible complication is the existence of a prenuptial or postnuptial agreement that limits a spouse’s property rights. Your attorney must successfully challenge or defend that agreement to advance your goals for your divorce. It’s vitally important to get your property distribution right at this point, because you cannot request a post-divorce modification.
Making accurate real estate and business valuations
Real estate holdings complicate property disputes, especially when the family home is involved and it is far and away the greatest marital asset. The court is generally not inclined to order the family home sold, especially when the parties have been raising their children in it. But if the court awards the home to one spouse, is there enough money remaining to provide an offset to the other?
If you have a family business, the court may characterize it as a marital asset. An ongoing business complicates distribution, since the parties must consider whether to keep the business intact or to liquidate it for distribution. With more than 40 years of family law experience, our firm is well-versed in numerous approaches to valuing and dividing active businesses, and resolving stalemates over real estate.
Properly distributing retirement assets through a QDRO or QILDRO
When the marital estate includes a pension or retirement plan or another type of deferred compensation, such as a 401(k) or stock option, the parties can use a Qualified Domestic Relations Order (QDRO) or Qualified Illinois Domestic Relations Order (QILDRO) to divide the benefits properly and distribute assets according to a settlement agreement. We have experience drafting QDROs and QILDROs and are able to work with plan administrators to ensure enforcement.
Contact the right Orland Park law firm to manage the equitable distribution of your marital property
The Palmisano Law Group offers divorce clients a free initial consultation. During this one-hour appointment, you can ask an attorney about your marital property concerns. Call the Palmisano Law Group today at 708-966-4311 or contact us online to schedule your consultation.