Property Division Settlements

Waukegan, Lake and Northern Cook County Family Lawyers Who Can Help Assist You With Property Division Settlements

The lawyer and staff at Abrams & Ament, P.C., have been handling legal matters in Illinois for over 40 years, with 15 years spent focusing mainly on divorce, family law and property division matters. An experienced divorce lawyer, attorney Rickey J. Ament skillfully guides clients through the process of property division and negotiating a property division settlement.

Homes, property and physical possessions are not the only types of materials subject to division in the course of establishing a property division settlement. Below is a brief list of some of the types of monetary assets and accounts that may be divided upon divorce:

  • Retirement accounts
  • 401(k)s
  • Social Security Disability benefits
  • Health insurance
  • Pensions
  • IRAs
  • Stocks and bonds

Marital debt is also subject to division.
By dividing the debt (accumulated by the two parties throughout the course of a marriage) between the two parties, this removes the burden of one party carrying the debt and believing he or she has been treated unfairly. The terms of dividing debt can also be structured in a property division settlement.

Post-Divorce Property Issues

Following a divorce, circumstances change. Perhaps one of the parties is being harmed because his or her name was not removed from a debt that the other party was responsible for and is not paying. One of the parties may become disabled and require an increase in alimony. Sometimes, a person learns their ex-spouse was not truthful in disclosing their assets at the time of the divorce. In cases of hidden assets, fraud, a poorly drafted property settlement agreement or a substantial change in circumstances, it may be necessary to request a change in the divorce property settlement. We can guide you through post-divorce motions to modify or change any terms in the original divorce decree.

Protected Assets

Any assets, property or other individual interests that are listed in a prenuptial agreement are considered separate and are therefore protected from being divided upon divorce. However, even though some assets may be protected, it may be possible to contest the terms of the prenuptial agreement when dealing with property division that stems from a divorce filing. We can help you understand how to see that a prenup is enforced or how it may be contested so that you retain or receive the proper amount of assets and property.

To schedule a consultation with a lawyer at our office, please call us at 847-991-6700, or contact us online.

During your consultation we can review your property division settlement issues and determine the best way in which to pursue a resolution to the situation.