Chicago Property Division Lawyers
You are thinking of filing for divorce or the process is already underway. What will happen to your house? Other assets? Even if a pre-nuptial agreement was executed prior to your marriage, legal and financial issues relating to property division may still arise. If you never had a pre-nuptial agreement, the stakes may be even higher to protect your rights and claim what property and finances are rightfully yours.
A marriage is more than just sharing a life with another person; investments are jointly made, material items are purchased, money goes into property maintenance and repair, and support is provided for income and property acquired. The division of property is not as simple as drawing a red line down the center of your home. Property to be divided for a divorce is defined in specific ways in relation to the duration of the marriage as well as several other intricate factors. Moreover, conditions surrounding child custody, child support, and spousal maintenance may also play a role in determining the division of property. For instance, the spouse who is given physical or sole custody of the children may be given ownership of the family home in order to provide a secure and healthy living environment.
Illinois is an equitable division State. Equitable doesn’t mean equal. As stated in the Illinois Marriage and Dissolution of Marriage Act, marital property refers to any property obtained by either spouse after their marriage. Non-marital refers to property owned prior to the marriage and increases thereto, property obtained by gift, legacy or descent; in exchange for property acquired before the marriage or in exchange for property through gift, legacy, or descent; property accumulated by a spouse after a judgment of legal separation; property specifically excluded by a legal agreement between the individuals through either a settlement, decree, or nuptial agreement; property attained before the marriage; and any judgment or property acquired by judgment given to one spouse from the other.
The court is responsible for assigning each spouse’s non-marital property and will split the marital property without taking martial misconduct, such as adultery, into consideration. The just proportions of property will be divided based on many factors. Each individual’s contribution to the acquirement, maintenance, or increase or decrease in value of the marital or non-marital property is examined when establishing property division. Assessing paperwork and evidence in addition to devising a strong argument may be necessary to prove these distinctions as well as many other matters that the court examines when dividing assets.
Property will also be divided based on the use or ownership of marital or non-marital property by each party. Several other factors that influence the division of property relate to the value of the property given to each spouse; the marriage’s duration; pertinent economic circumstances of each spouse; rights and obligations from a prior marriage; antenuptial agreements; each individual’s age, health, station, occupation, income amount and source, vocational skills, employability, estate, liabilities, and needs; custodial requirements for children; property assigned in addition to or instead of spousal maintenance; practical opportunity of each spouse for potential attainment of capital assets and income; and, tax consequences of property division on the separate economic circumstances of each individual.
Sorting through the complexities surrounding how marital property will be divided requires the legal skill and persistence of a Chicago family law attorney who has seen it all. At Nottage and Ward, our Illinois property division lawyers will help evaluate marital property and alleged non-marital property to ensure that you come out of your divorce with no less than what you deserve. In fact, we want you to get more. Securing your financial future is what we do. Contact us today for more information.
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