When you are going through a divorce, we know how important it can be to have a clear idea about how your property will be divided and whether you will be able to retain assets that are especially important to you. If you want to keep your house, your car, and your other remaining assets after your divorce, will you be able to do so? The answer to that question depends upon a number of factors, including how your property is classified, what an equitable distribution of marital property looks like, whether you can enter into a marital settlement agreement with your spouse, and whether you are willing to compromise.
One of the first things to consider if you want to keep your house, your car, and other property after your divorce is how that property will be classified. Under Illinois law, marital property is distributed according to equitable distribution in a divorce case while separate property is not divided. Generally speaking, separate property includes all assets and debts acquired prior to the date of the marriage, as well as property acquired through a gift, inheritance, or with separate property after the date of the marriage. Prenuptial agreements can also identify specific assets or debts as separate property that will not be divisible in a divorce. Otherwise, remaining assets and debts are likely to be classified as marital property.
If your house, car, and other property are all separate property, they will not be divided in your divorce and you will get to keep them. If any of those assets are classified as marital property, however, then the court will need to determine what a distribution of marital property looks like based on specific factors of your marriage and circumstances.
If you really want to keep your house, car, and other assets that are classified as marital property, you may need to try negotiating a marital settlement agreement with your spouse. Yet in order to do so, you will need to be willing to compromise and to give up your potential rights to other assets that ultimately may be more valuable in the long run, such as retirement accounts or investments.
If there is not much marital property beyond the house and the car, you should not assume that you will be able to retain that property since equitable distribution will require that all marital assets and debts are divided between the spouses in a manner that is fair to both of them. An experienced Orland Park property division lawyer can evaluate your case and can discuss the distinctions between negotiating a marital settlement agreement and having the court divide marital property equitably between the parties.
Do you have questions about retaining certain property in your divorce? From determining the appropriate classification of the property and its valuation to helping you to negotiate a favorable marital settlement agreement, one of our experienced Orland Park divorce attorneys can help. Contact Demetrios N. Dalmares & Associates, Ltd. to learn more about our services.
Demetrios, I cannot thank you enough for you diligence, patience, knowledge, concern and determination to represent my best interest. From the bottom of my heart, you are amazing and thank you for all you have done for me. Robin
With Demetrios, you don't have to worry about anything. He knows what he's doing. I have two lawyers before him. It was a long case and messed up for 2 years. Since Demetrios took my case, he finished it in a couple of months. He is very organized and smart, and he will take you through that very smooth process. Thank you so much Demetrios, I owe you a lot.
Demetrios Dalmares is a very good attorney. He did a great job in assisting me through my divorce. This is the attorney who will get the job done!
Demetrios has helped me through a very difficult time in my life. He is not intimidated by increased levels of challenges. He has been able to adapt to my unique circumstances and get over every hurdle with confidence. He's intelligent, kind and a good listener. I wholeheartedly recommend Demetrios and his excellent staff to all my family and friends. I assure you that his commitment to helping others is reassuring, and I hope it sets your mind at ease.
Mr. Dalmares was great to work with. He walked me through the process and kept me updated on any updates that had occurred. Highly recommended!
Thank you, Demetrios, for your tenacity, attentiveness and patience in working with me in finalizing my divorce. God Bless
5-star team, very helpful, very friendly, punctual. Hired for a paternity case and was very pleased with the outcome. Demetrios is great; I highly recommend!
I recommend Demetrios Dalmares with the highest praise as a divorce attorney. My divorce was settled quickly and without any unnecessary drama. I was updated regularly regarding the progress of my case. He was extremely knowledgeable, diligent and persistent. Demetrios Dalmares was clearly working in my best interest and the best interest of my three children. He is definitely the attorney you want on your side when going through a divorce. I cannot thank or recommend him enough!
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Husband: Couple shared ownership in a business, resulting in complex property division issues. After investigation of the couple’s financial history, our client received a much more equitable divorce agreement than what was originally offered.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Mother: Father became aggressive and violent toward Mother during their separation, prompting her to seek full custody of their children. At trial, the court granted Father supervised parenting time only and Mother was awarded child support.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Husband: Couple had been locked in a contentious divorce for nearly three years and changed lawyers several times. Law Office of Demetrios N Dalmares and Associates Ltd. provided the experience and organization needed to resolve the case within months, avoiding a trial for our client.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife: Wife left a successful career to raise children. When Husband denied spousal support based on Wife’s previous earnings, Law Office of Demetrios N Dalmares and Associates Ltd. countered with evidence that retraining was needed, and our client was awarded spousal support.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife: Husband tried to intimidate Wife into a divorce settlement that heavily favored his interests by drawing out the case. Law Office of Demetrios N Dalmares and Associates Ltd. represented Wife through trial, where she received an equitable share of marital assets.
In a case where Law Office of Demetrios N Dalmares and Associates Ltd. represented Father: Mother began cohabitating with a new partner who made significantly more than our client. Law Office of Demetrios N Dalmares and Associates Ltd. successfully demonstrated that the new relationship justified a modification and obtained a favorable outcome through negotiation.