Divorce and Property Division Attorneys in Chicago, IL
Chicago Property Division Lawyers
One of the most difficult parts of going through a divorce & property division settlement is the emotions involved with separating everything that you have acquired during the years of your marriage. Dividing up the contents of the marital home during a divorce is only one part of the property division settlement. There are many other areas to consider when developing a plan for the fair and equitable division of marital property. The property division area of your divorce settlement includes all marital assets and all marital debts, and many things you may not initially think of.
Property Division Is Complex and an Important Part of Your Divorce Agreement
Working with an experienced family lawyer early in the divorce process will provide the most financial benefits to you. At Anderson Boback & Marshall, our attorneys concentrate on family law and divorce in Illinois, which means we deal with the complexities of equitable property division in divorce each and every day. This includes helping our clients with a strategy and plan for property division and a divorce settlement that provides a fair distribution of assets while limiting your liability and considering your future.
Division of Marital Property in Chicago, Illinois
Equitably dividing marital property during a divorce involves separating the assets and the debt acquired during the marriage. While this may sound like a simple process, it is almost always complicated by emotions and disagreements. Determining the overall equity of all assets and debts from your marriage affects every area of your divorce.
Complexities in Equitable Property Division
Asset Valuation
It is important to list the purchase date and amount of each asset and any amount the couple owes to determine the current equity of each asset. All assets your purchased during the marriage are considered marital assets regardless of who earned the most money. The only exceptions would be items specifically excluded in a prenuptial agreement or in an inheritance situation.
Marital assets include the family home and any vacation homes, all vehicles including recreational vehicles, motorcycles, and boats, all bank accounts; checking and savings, investments, pensions, retirement accounts, artwork and any other items of value acquired during the marriage.
Separation of Debt
Marital debt is treated in the same way as marital assets and can become complicated when dividing businesses, professional practices, investments, and debt for high-dollar assets. Make a list of all debts including the debtor the balance owed and the listed responsible party whether that is you, your spouse, or a joint obligation. Continue to make payments on any debt you have been paying and keep track of your expenditures.
Our attorneys bring more than 25 years of professional family law experience and skills to the negotiation table and courtroom. Our team has handled a broad range of legal matters related to dividing marital property, including complex high net worth divorce settlements.
Protect Your Future with an Equitable Division of Marital Property
Property division in divorce can be one of the most complex and contentious aspects of ending a marriage. It involves dividing assets and debts accumulated during the marriage.
Get Answers to Your Questions About Marital Property Division
Here are some frequently asked questions about equitable property division in divorce:
What is considered marital property?
Marital property includes all assets and debts acquired by either spouse during the marriage, regardless of whose name is on the title. This can include real estate, vehicles, furniture, savings accounts, retirement accounts, and even debts.
What is separate property?
Separate property refers to assets and debts that belonged to one spouse before the marriage or were received as a gift or inheritance during the marriage. Separate property can become marital property if it is commingled with marital assets.
How is property divided in a divorce?
The division of property depends on whether the state is a community property state, or an equitable property distribution state like Illinois. Community property states divide marital property equally (50/50), while equitable distribution states divide property in a manner that is fair but not necessarily equal, based on various factors.
What factors are considered in equitable distribution states?
Can I keep my house in a divorce?
How is the house split in a divorce in Illinois?
In Illinois, dividing a house during a divorce involves understanding whether the property is considered marital or non-marital and then applying the principle of equitable distribution. Here’s a straightforward explanation:
Marital vs. Non-Marital Property:
- Marital Property: If the house was bought during the marriage, it’s usually considered marital property. This means it will be divided between both spouses.
- Non-Marital Property: If one spouse owned the house before the marriage, it might be considered non-marital property and typically remains with that spouse. However, if both spouses contributed to the mortgage or improvements, it could be treated as marital property.
Equitable Distribution:
- Illinois follows equitable distribution, meaning the house is divided fairly, but not necessarily equally. The court considers factors like the length of the marriage, each spouse’s financial situation, and contributions to the home.
Possible Outcomes:
- One Spouse Keeps the House: One spouse may keep the house and compensate the other with other assets or a buyout.
- Sell and Split: The house may be sold, and the proceeds divided between the spouses.
- Co-Ownership: Sometimes, spouses might continue to co-own the house for a period, especially if it benefits the children.
Children’s Considerations:
- If there are children, the parent with primary custody often keeps the house to provide stability for the children.
In summary, the division of a house in an Illinois divorce is based on what is fair, considering various factors and the needs of both spouses and any children involved. Each situation is unique, there is no one size fits all, so it’s often helpful to consult with a professional to understand your specific options.
How are retirement accounts handled in a divorce?
Retirement accounts are usually considered marital property and divided accordingly. Specific legal orders called Qualified Domestic Relations Orders (QDROs) may be needed to divide retirement accounts without incurring taxes or penalties.
What happens to debt in a divorce?
Debts are divided similarly to assets. Marital debts (those incurred during the marriage) are shared, while separate debts (incurred before the marriage or post-separation) remain the responsibility of the individual who incurred them.
Can a prenuptial agreement affect property division?
What is a "buyout" in terms of property division?
How is personal property like furniture, jewelry, and art divided?
Personal property is divided according to the same principles as other assets. Couples can agree on who gets what, or a court can decide based on the nature of the property and its value. Please refer to this detailed article for more insights about dividing personal property in divorce.
What should I do if I suspect my spouse is hiding assets?
Personalized Attention that Protects Your Interests
The laws applying to divorce and property division in Illinois dictate that all marital property including assets and debts be divided equitably rather than equally. There are many factors that the court considers when determining what is equitable. During a pre-trial conference that both parties must attend, the judge will suggest that couples solve their property division disputes through negotiation and mediation prior to going to trial.
When you’re going through a divorce, it is critical to work with a Chicago divorce lawyer that concentrates on divorce and property division settlements to ensure you obtain a fair and equitable division of all marital property. From the beginning, we will help you protect your assets and formulate an effective plan for your financial future.
Contact us to Discuss Your Property Division Needs with One of Our Award-winning Lawyers.
Anderson Boback & Marshall is a family law firm in Chicago recognized for protecting the best interests of our clients through skillful negotiation and fierce litigation. We help you protect your assets and plan for your future with a fair and equitable divorce and property division settlement.
