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divorce and property division
Divorce And Property Division

Divorce and Property Division Lawyers

One of the most difficult parts of going through a divorce and 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 law firm 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 divorce and property division 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 Illinois

Get Answers To Your Questions About Marital Property Division

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.

Asset Valuation

It is important to list the purchase date and amount of each asset and any amount owed to determine the current equity of each asset. All assets 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. Here are some frequently asked questions about property division in divorce:

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.

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.

The division of property depends on whether the state is a community property state or an equitable 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.
Factors may include each spouse’s economic circumstances, the duration of the marriage, contributions to the marriage (including non-financial contributions such as homemaking and child-rearing), and the future financial needs and earning potential of each spouse.
Whether you can keep your house depends on numerous factors, including whether you can afford to buy out your spouse’s share or assume the mortgage on your own. It also depends on how other assets are distributed and whether the home is considered marital property.

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.

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.
Yes, if a valid prenuptial agreement exists, it can dictate how assets and debts are divided, superseding state laws on marital and separate property.
A buyout occurs when one spouse pays the other spouse for their share of an asset, such as the family home, allowing the buying spouse to become the sole owner.
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.
If you believe your spouse is hiding assets, it’s important to inform your attorney, who may use the discovery process to request financial documents, involve forensic accountants, or take depositions to uncover hidden 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 family law firm 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.

Kimberly Anderson and Jessica Marshall

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.

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    Chicago Downtown Office

    20 N. Clark Street, Suite 3300 Chicago, IL 60602

    Northbrook, IL Office

    5 Revere Drive, Suite 200 Northbrook, IL 60062

    Firm Overview
    Anderson Boback & Marshall

    Anderson Boback & Marshall is a highly-respected, experienced Chicago family law firm, skilled in negotiation and litigation for divorce and other family law issues. With multiple offices in NorthBrook and Chicago Downtown, we make it easy for you to book an appointment in a location near you. Our family and divorce lawyers serve families in Cook County, Lake County, Will County, and DuPage County. Call Now 312-715-0870

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