Property division in a divorce means that the couple must find a fair and equitable way to divide the assets and debts that were accumulated or incurred during the marriage. In most marriages, the assets fall into three areas: the equity in the family home, checking and savings accounts, and retirement accounts.
The Law Office of Ronald L. Hendrix, P.C., is experienced in helping spouses navigate the difficult components of divorce involving asset division. One of the most important decisions you can make is to determine your personal and financial goals after the divorce and then structure the division of assets in a manner that allows both parties to meet their best interests and those of their children. Attorney Ronald L. Hendrix has been an attorney since 1985 and is skilled in conflict resolution, including mediation, the collaborative law approach and traditional litigation. His formal education — a Master of Arts degree in guidance and counseling — uniquely qualifies him to provide sound counsel and solid support to a family going through divorce.
To schedule a free initial consultation with an Illinois lawyer who is experienced and knowledgeable in property division, call our Naperville law office at 630-416-7004 or 815-722-7050. We serve divorce clients throughout the Chicago area, including DuPage County communities like Bolingbrook, Wheaton and Aurora.
What To Do With The Family Home
We have helped many clients struggling with debt during divorce. One of the biggest issues facing divorcing couples is what to do with the family home. Due to the recent economic downturn, your home may not be worth what you paid for it, or it simply may not be a good time to sell. The house you bought as an investment for the future may now be underwater. If you decide you no longer wish to live in the home or cannot afford the payments as a divorced single, you need to know the options that are available to you so you can make informed decisions.
There are options in divorce when it comes to dividing the assets. For instances, some couples are electing to continue to own the family home together until the market improves, and this may coincide with the parties’ interests in maintaining a familiar environment for the children during this difficult time. Or the division of assets may be structured in a manner to allow one ex-spouse to maintain the family home as his or her own property following the divorce.
Division Of Debts Is Challenging
Assets, such as the equity in the family home, checking and savings accounts, and retirement accounts, as well as debts such as credit cards, must all be divided fairly and equitably.
In order to make important financial decisions during a divorce, you must know what your goals and interests are after the divorce. At the Law Office of Ronald L. Hendrix, P.C., we listen carefully to our clients and strive to meet their goals and interests during divorce. We remember one simple fact that many attorneys forget: It is your divorce, not our divorce!