Urban & Burt - Marital Assets & Debts



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Marital Assets & Debts

With some specific exceptions, all assets and/or debts obtained by either party during the marriage are classified as "marital" and, as such, is subject to a division in the divorce proceeding. How to divide up marital assets and debts is, without a doubt, the area where most of the effort in negotiation and/or litigation takes place. Unfortunately, there are no set formulas which apply for this determination and the possible solutions to some are endless. The parties' individual goals, each judge's personal opinions and interpretation of the applicable law, the number and ages of children and the parties' income levels are but a few of the many important factors which are considered when dividing up marital assets and debts.

5320 West 159th Street Suite 501 · Oak Forest, Illinois 60452 · (708) 687-5200

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The Urban & Burt Law Firm handles family law, divorce, DUI, bankruptcy, wills, trusts, estates, civil litigation, real estate law, business law, personal injury, and workers' compensation claims for clients in the Chicago South Suburbs and Southwest Suburbs including Cook County, Will County, and cities such as Alsip, Blue Island, Burbank, Country Club Hills, Crestwood, Crete, Flossmoor, Frankfort, Harvey, Homewood, Markham, Matteson, Midlothian, Mokena, Oak Forest, Oak Lawn, Olympia Fields, Orland Hills, Orland Park, Palos Heights, Palos Hills, Park Forest, Posen, Richton Park, South Holland, Steger, Thornton, Tinley Park, and University Park.