CHICAGO DIVORCE ATTORNEYS FOR ASSET DIVISION
Property division can be one of the most contentious aspects of a divorce. Spouses may fiercely disagree about who should get the house, the car, or the family business. In some cases, one spouse may try to hide assets to keep them out of the division. That's why it's important to hire the right divorce attorneys to assist you in dividing property to fight for your legal rights in your divorce case. You need the right divorce lawyers who can assist you in your financial concerns.
DIVORCE AND DIVISION OF PROPERTY IN ILLINOIS
When a spouse is ready to file for divorce, almost immediately both parties become concerned over an equitable division of property. Surprisingly, state law does not force property to be divided equally, but the property is instead divided equitably based upon many different factors. Property division is a critical issue that must be addressed in any divorce proceeding. It's important to contact the best divorce attorneys near you to ensure that your rights are protected within property division cases and divorce.
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Illinois courts are forced to consider many factors in the division of property due to the Illinois Marriage and Dissolution of Marriage Act. Some factors considered include each spouse's contribution to the acquisition of property and each spouse's financial needs. This is important to remember when
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With the help of our experienced Chicago divorce attorneys, divorcing spouses can reach an agreement on the division of property that is fair and equitable. If spouses cannot agree, our attorneys at Chicago Family Attorneys, LLC, will go to court and fight for the proper division of property.
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If you need assistance with your divorce case, call the best divorce attorneys in Chicago. We have experience in handling matters that are focused on division of financial assets and real estate that have ranged from several thousand dollars to multi-million dollar marital estates.
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Our divorce and family law attorneys represent clients in the following counties:
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Cook County
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DuPage County
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Lake County
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McHenry County
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Will County
We can protect your marital estate throughout the divorce process. Call us at (312) 971-2581 or book an appointment online to learn how we can assist you in your divorce
STEPS IN DIVISION OF ASSETS
After filing a petition for dissolution, the property must be identified as marital or non-marital property. 750 ILCS 5/503(a) defines marital and non-marital property in divorces and legal separation matters.
Non-marital property is property that is acquired before marriage, property received as an inheritance, property acquired as a gift, and property that is separate or for personal use.
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Marital property is all other property that has been acquired during the marriage. The court will consider many factors when dividing marital property, including the following:
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each spouse's contribution to the acquisition of the property;
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each spouse's financial needs;
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the value of each spouse's separate property;
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any prior agreements between the spouses about the division of property; and
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the duration of the marriage.
SEPARATING MARITAL PROPERTY FROM NON-MARITAL PROPERTY
Non-marital property is usually not subject to division in a divorce. However, there are some exceptions. For example, if the non-marital property has increased in value during the marriage due to the efforts of either spouse, it may be subject to division.
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Property acquired before marriage: Property that has been acquired before marriage is usually not marital property, but may be deemed to be marital if the property has been comingled with
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Inheritance and Gifts: Usually, property that has been acquired through an inheritance or gift is not considered to be marital property.
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Property received after a Legal Separation: If a Legal Separation has occurred and it is recognized by a court order, the property that usually received after the Legal Separation is not considered marital property in most cases.
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Property exempt due to Prenuptial Agreement or Postnuptial Agreement: If property has been excluded due to a prenuptial agreement or a postnuptial agreement, that is fair, just, and free of durress, then the property that is excluded by the agreements will not be included as marital property.
Similarly, if the non-marital property has been commingled with marital property, it may also be subject to division. After valuing all the property belonging to the marriage, the next step is to divide it equally between the two spouses. Having an experience divorce attorney who can help you protect your interests and identify and value your non-marital property is essential.
What is Marital Property?
In Illinois, marital property is defined as all assets and debts acquired by either spouse during the course of a couple's marriage. Marital property may include physical assets like real estate, cars, and trading cards to financia assets like retirement funds and bank accounts. Any property obtained during the marriage is presumed to be marital property, regardless of which spouse holds the title or how the property is used. In certain cases, non-marital property may become marital property based upon how the property was used and other financial issues surrounding the non-marital property.
Key Aspects of Marital Property in Illinois Divorces
Acquisition During Marriage
Any property acquired by either spouse after the date of marriage and before a judgment of dissolution of marriage or legal separation is generally considered marital property. This can include real estate, personal property, income, and financial assets.
Commingling Non-Marital Property
If non-marital property is commingled with marital property, it can lose its non-marital status and be considered marital property. For example, if one spouse deposits an inheritance (non-marital property) into a joint bank account used for marital expenses, those funds may be deemed marital property.
Increase in Value
The increase in value of non-marital property can be considered marital property if the increase is due to the contribution of marital funds or the efforts of either spouse. For instance, if one spouse owns a business prior to the marriage and the business increases in value due to the efforts of both spouses during the marriage, the increase in value may be considered marital property.
Exceptions to Marital Property
Certain types of property are excluded from being classified as marital property. These include:
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Property acquired by gift, legacy, or descent (inheritance).
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Property acquired in exchange for property acquired before the marriage or in exchange for property acquired by gift, legacy, or descent.
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Property acquired by a spouse after a judgment of legal separation.
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Property excluded by valid agreement of the parties (e.g., prenuptial agreements).
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Property obtained by a spouse prior to the marriage.
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In the case of In re Marriage of Wendt, 226 Ill. App. 3d 470 (1992), the court dealt with the classification of property as marital or non-marital. The court determined that income earned during the marriage from non-marital property (a trust) was marital property because it was acquired during the marriage and was not explicitly excluded by statute. This case is a prime example of the the complex issues involving marital and non-marital property in Illinois dissolution of marriage cases.
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Understanding what constitutes marital property in Illinois is crucial for anyone going through a divorce. Proper classification of assets and debts can significantly impact the outcome of the divorce settlement. Our attorneys are experienced in handling complex property division cases and can provide the guidance needed to protect your interests. If you have questions about marital property and division of assets in Illinois or need assistance with your divorce, contact us today by calling (312) 971-2581 or schedule a free consultation online.
DIVIDING MARITAL PROPERTY
Marital property is subject to division in a divorce. State law in Illinois is not the same throughout the entire United States. Illinois courts consider many factors when dividing marital property, including the following:
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each spouse's contribution to the acquisition of the property;
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each spouse's financial needs;
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the value of each spouse's separate property;
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any prior agreements between the spouses about the division of property; and
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the duration of the marriage.
The court will also consider whether either spouse has wasted any marital assets. For example, if one spouse has squandered money on an extramarital affair or another form of marital misconduct, that may be considered when dividing the marital property. This is called dissipation.
WASTING MARITAL ASSETS DURING MARRIAGE
Suppose a divorcing spouse believes there has been a waste of marital assets. If this happens, their family lawyer can send a written notice to the other party. The notice will state that they are making a dissipation claim in court.
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Under Illinois law, dissipation of marital assets is "the use of the marital property for the sole benefit of one spouse for a purpose unrelated to the marriage at a time that the marriage is undergoing an irreconcilable breakdown." 750 ILCS 5/503(d)
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To prove dissipation, there must be evidence that:
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the dissipating spouse used marital property solely for his/her benefit;
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the dissipating spouse did so at a time when the marriage was undergoing an irreconcilable breakdown; and
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the use of the marital property was unrelated to the marriage.
If you believe your spouse has dissipated marital assets, you should speak to an attorney about your case. An attorney can help you gather evidence and prove dissipation to the court.
PROTECTED ASSETS IN DIVORCE
Some assets are protected from division in a divorce. These include retirement benefits, pensions, and other similar deferred compensation plans. To protect these types of assets, it is important to have a divorce lawyer who thoroughly understands the Illinois Marriage and Dissolution of Marriage Act.
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The division of property is a very important aspect of any divorce. This can significantly impact the future financial stability of both spouses.
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Several steps should be taken to ensure that the division of property is fair and equitable.
The first step in dividing marital property is to identify all of the assets and liabilities of the marriage. This includes all bank accounts, investment accounts, real estate, vehicles, and personal property.
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After finding all assets and debts, the next step is deciding which belong to the marriage and which are an individual spouse's property. Marital property is any property that was acquired during the marriage. Separate property is any property acquired before the marriage or after the date of separation.
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The next step in dividing marital property is to find the value for each asset. This can be done using appraisals, public records, or other methods. Once all of the marital property has been valued, the next step is to divide the marital property between the two spouses.
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The division of marital property can be done by agreement between the spouses or court order. If the matter involves attorneys and the assets are considerable, the attorneys and experts should work together to value the property.
Once the division of marital property has been completed, the next step is to address any outstanding debts. This includes credit card debt, mortgage debt, and other debts in both spouses' names. The debt division can be done by agreement between the spouses or court order.
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The final step is to address any issues related to spousal support. This includes alimony, child support, and any other financial support that one spouse may require. The division of spousal support can be done by agreement between the spouses or court order.
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After all of the assets have been divided, it is advisable that clients seek assistance with estate planning concerns to further protect their assets in the future.
PROTECT YOUR ASSETS WITH EXPERIENCED DIVORCE LAWYERS IN CHICAGO
Division of property can be a complex process. Many factors must be considered to ensure that the division is fair and equitable. An experienced attorney can help you navigate the division of property process and protect your interests. Call Chicago Family Attorneys at (312) 971-2581 or book a consultation online.
EQUITABLE DISTRIBUTION UNDER ILLINOIS LAW
In Illinois, property division during a divorce is governed by the principle of "equitable distribution." This means that assets will be divided fairly between the divorcing parties, but not necessarily evenly.
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The court will consider various factors, including the length of the marriage, each spouse's contribution to the marital property, and each spouse's financial needs. The court will also consider prior marriages and agreements between the divorcing parties.
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Ultimately, the goal is to divide assets fairly to both parties. This can be a complex process, and it is important to have an experienced attorney on your side who can help protect your interests.
REVIEWING FINANCIAL ISSUES IN DIVORCES
​When going through a divorce in Illinois, it is crucial to have an experienced and skilled attorney by your side. One of the key aspects of a divorce case is discovery, which is the process of legally gathering evidence and information from both parties involved. This process can be complex and time-consuming, but it is essential to ensure that each party is honest and transparent about their finances.
In order to effectively conduct discovery in an Illinois divorce case, it is important for your attorney to be well-versed in issuing marital interrogatories, requests to produce, and requests to admit. These legal documents are used to obtain specific information or documents from the other party. They can cover a wide range of topics, including income, assets, debts, expenses, and any other relevant financial information.
It is especially crucial for your divorce law firm to thoroughly review financial affidavits during discovery. These documents provide a comprehensive overview of each party's financial situation, including income, assets, debts, and expenses. By carefully reviewing these affidavits, your attorney can identify any discrepancies or red flags that may need further investigation.
In addition to using marital interrogatories and requests for production of documents, subpoenas can also be utilized during discovery in an Illinois divorce case. A subpoena is a legal document that requires someone to appear in court or produce specific documents as evidence. Your attorney may use subpoenas to gather information from third parties such as banks or employers.
The importance of thorough discovery cannot be stressed enough in Illinois divorce cases. Not only does it ensure that both parties are honest about their finances, but it also helps protect your rights during the divorce process. By uncovering all relevant information and evidence through discovery, your attorney can build a strong case on your behalf.
It's crucial for your divorce attorney to have a deep understanding of Illinois statutes related to discovery in divorce cases. These laws outline the rules and procedures for conducting discovery in family law matters. A knowledgeable attorney will know how to navigate these statutes and use them to your advantage.
Discovery is a critical aspect of Illinois divorce cases, and having an experienced and savvy attorney is essential. By being well-versed in issuing marital interrogatories, requests to produce, and requests to admit, as well as thoroughly reviewing financial affidavits and using subpoenas when necessary, your attorney can ensure that all parties are truthful about their finances and protect your rights.
Don't underestimate the importance of discovery in divorce cases – make sure you have a skilled divorce lawyer on your side. If you're looking for a divorce attorney in Illinois or Chicago who understands the intricacies of discovery in divorce cases, contact our firm today by calling (312) 971-2581 or book a free consultation online.
EQUALIZING ATTORNEY FEES IN DIVORCE CASES
Attorney fees are typically not factored into property division in a divorce. Instead, each party is responsible for their attorney fees.
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However, there may be some exceptions to this rule. For example, if one party has significantly more income than the other party, the court may order that party to pay a portion of the other party’s attorney fees.
Equalization of attorney's fees means that each party in a divorce case pays the same amount for their attorney's fees. This can be done either through an agreement between the parties or by order of the court. In general, each party is responsible for their own attorney's fees.
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If one spouse cannot afford to pay their own attorney's fees, the court may order the higher-earning spouse to pay a portion of the other spouse's attorney's fees. This is important to divorcing spouses because it provides a way for parties to have equal representation in a divorce, even when there is a large disparity in income.
If you are going through a divorce and have questions about the division of property, it is important to speak with an experienced attorney. The attorneys at Chicago Family Attorneys are experienced in handling complex property division cases and can help you.
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Call us at (312) 971-2581 or book a consultation online to speak to the best divorce attorneys in Chicago.
Real estate can be one of the most significant and complex assets in a divorce. In Illinois, property acquired during the marriage is typically considered marital property and subject to equitable distribution. The process of dividing real estate requires careful consideration of various factors to ensure a fair and equitable outcome for both parties.
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Equalization involves balancing the value of assets distributed to each spouse, often by splitting the property based on contributions made by each party. Contributions to finances, such as mortgage payments and improvements, can significantly impact the division of real estate. Our attorneys are skilled in evaluating these contributions to ensure that each spouse receives a fair share of the property.
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In some cases, one spouse may wish to buy out the other spouse's interest in the marital home. This process requires a precise valuation of the property and negotiation of terms that are acceptable to both parties. Our legal team can facilitate this process, ensuring that the buyout is handled smoothly and equitably.
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Motions for the sale of marital property may be necessary when neither spouse can afford to keep the home or when it is in the best interest of both parties to liquidate the asset. We assist in filing and arguing these motions to ensure that the sale is conducted fairly and efficiently.
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Non-marital property can become marital property through actions such as refinancing a loan in both spouses' names or using marital funds for improvements. Understanding the implications of these actions is crucial in determining the proper classification and division of the property.
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Foreclosure can add another layer of complexity to real estate issues in a divorce. If the marital home is in foreclosure, it is essential to address the foreclosure proceedings in conjunction with the divorce to protect both parties' financial interests.
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Additionally, remodification loans for marital property may be necessary to manage existing debts and obligations. Our attorneys can guide you through the remodification process, ensuring that the terms are favorable and that the property's value is preserved.
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Other issues that may arise include determining the tax implications of property division, addressing outstanding liens or encumbrances on the property, and managing rental properties or vacation homes. Each of these issues requires a strategic approach to ensure that all aspects of the property division are handled comprehensively.
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Our attorneys will guide you through the intricacies of real estate division to protect your interests. We are committed to providing thorough and expert legal advice to help you navigate the complexities of real estate in your divorce, ensuring a fair and equitable resolution. To speak to a dedicated divorce attorney regarding real estate and division of property within your divorce, call Chicago Family Attorneys, LLC for a free consultation at (312) 971-2581 or book a free consultation online.
Chicago Family Attorneys, LLC excels in securing spousal maintenance for clients. Alimony, also known as spousal support, is a crucial aspect of many divorce proceedings. The firm's attorneys are well-versed in the Illinois Marriage and Dissolution of Marriage Act, which governs the determination of maintenance awards. Our alimony lawyers meticulously analyze factors such as the duration of the marriage, the standard of living during the marriage, the income and needs of both parties, and the ability of the spouse seeking maintenance to become self-sufficient. To learn more about how alimony is calculated and how our attorneys can assist, visit our page on alimony and spousal support in Illinois.
Frequently Asked Questions (FAQs): Division of Assets
What is considered marital property in Illinois?
Marital property includes all assets and debts acquired during the marriage, regardless of whose name is on the title.
How does Illinois divide marital property?
Illinois follows equitable distribution, meaning the court divides property fairly but not necessarily equally, considering various factors.
What factors influence the division of assets?
Factors include the length of the marriage, each spouse's contribution to the marital estate, economic circumstances, and future earning potential.
What is spousal support?
Spousal support, or alimony, is financial assistance paid by one spouse to the other after a divorce to maintain their standard of living.
What is the role of a forensic accountant in asset division?
Forensic accountants help uncover hidden assets and accurately value marital property to ensure fair distribution.
How can I find a division of assets lawyer near me?
Chicago Family Attorneys, LLC has lawyers well-versed in divorce and division of assets. By contacting our law firm, you can book a free consultation to learn how our attorneys can assist you in fairly and equitably dividing assets in your dissolution case and protecting your rights.