Mokena Divorce Lawyer for Division of Marital Homes and Vacation Homes

Attorneys Assisting With Division of Real Estate in Orland Park and Will County

Most divorce cases are complicated, but if you have a high net worth, you will likely struggle to fully understand the extent of your assets and how this property can be divided fairly between you and your ex-spouse. The avalanche of financial issues and legal concerns you must address can be overwhelming, especially when you own valuable property such as vacation homes or real estate investments. In these cases, representation by a skilled divorce lawyer is essential.

The attorneys of Wakenight & Associates, P.C. have been working in the field of family law for a combined total of more than 95 years. We are highly experienced in high asset and high conflict divorce, and we will work with you to protect your financial interests when resolving issues related to real estate ownership.

Dividing Real Estate Property

Any assets owned by a couple are subject to the laws of fair and equitable division of property during divorce. Couples may need to address a variety of issues when dividing real estate property, including:

• The marital home - The equity owned in a couple's home is based on the market value of the home and liabilities such as mortgages or liens. Spouses may choose to divide this equity by selling the home, or one spouse may retain ownership of the home by purchasing the other's share of the equity. If a home was owned by one spouse prior to the marriage, it will generally be considered separate property that is not subject to division during divorce. However, if improvements were made to the home during the marriage, the other spouse may need to be reimbursed for their contributions to the increase in the home's value.
• Vacation homes - Any additional properties acquired during a couple's marriage will need to be divided between spouses. In many cases, the assistance of real estate appraisers is necessary to determine the value of these properties.
• Real estate investments - As with other business interests, commercial or residential real estate can be a valuable asset that provides a regular income. The assistance of a forensic accountant may be necessary to gain a full understanding of the true value of these properties, as well as whether a spouse attempted to hide marital assets in these investments.

When dividing complex assets such as real estate property, it is important to understand the tax implications of the decisions made. If you plan to retain ownership of a home, you should be sure you will be able to pay the applicable property taxes. If you plan to sell any real estate assets, you may be subject to capital gains taxes.

Contact a New Lenox High Asset Divorce Attorney

During your marriage, you have worked to build a life for yourself and your family, and you deserve to maintain your standard of living after your divorce. At Wakenight & Associates, P.C., we can make sure your marital property is divided fairly and equitably, and we will help you determine how to handle complex assets in a way that provides for your needs and protects your financial future. Contact us by calling 815-727-6144 to schedule your free consultation. We represent spouses in high net worth divorce cases in Mokena, Orland Park, Tinley Park, Homer Glen, Lockport, Oak Forest, Orland Hills, Joliet, and Will County.