blog home Property Division - Chicago Illinois Family Law Blog

Property Division - Chicago Illinois Family Law Blog

Who Keeps the Low House Mortgage Rate After a Divorce?

By Nottage and Ward on March 20, 2024

A divorce involves the complex process of dividing assets, including the value of the family home. A home with a more favorable economic climate and a low mortgage rate raises essential questions about the best way to divide this asset for both parties.

Read more…

Posted in: Property Division

Valuing and Dividing Collectibles and Art in Divorce

By Nottage and Ward on January 20, 2024

Art and collectibles hold immense value, not just for their aesthetic appeal but for their ability to evoke emotions and tell unique stories. Incorporating art or collectibles into a home adds character and a personalized touch, transforming living spaces into reflections of individual tastes, experiences, and cultural influences. These unique items can elevate the ambiance of a home, making it more inviting and resonant with the identity of its inhabitants. During property division in a divorce, artworks and collectibles frequently become focal points, sparking disputes during the division of assets. The intricate nature of these assets poses unique challenges in valuation and equitable distribution.

Read more…

Posted in: Property Division

What Is Forensic Accounting?

By Nottage and Ward on October 14, 2019

Forensic accounting may be defined as the use of accounting skills to investigate fraud or embezzlement, or to analyze financial information for use in legal proceedings. In divorce proceedings, forensic accounting can help uncover essential data and provide critical documentation to support your case.

Read more…

Posted in: Property Division

How Assets Are Split in a Divorce

By Nottage and Ward on April 9, 2019

Equitable distribution. Dual classification. What do these words have to do with your home, your valuables, your taxes, and your retirement? Plenty, if you’re getting a divorce. In our latest infographic, Nottage and Ward, LLP, explains how Illinois divides assets after the breakdown of a marriage.

Read more…

Posted in: Property Division

The Business of Divorce

By Nottage and Ward on September 10, 2018

This fictional scenario is one that Chicago couples face every day.

Tom used to take his wife Abby’s pork tamales to his office every Thursday. It didn’t take long before they were a big hit—not just in his office, but in the whole building. “We were going through so many that I had to charge for them and keep receipts. Abby and I thought, why not make a real business out of this? We could do the food truck thing. That’s what people do, right?”

Read more…

Posted in: Property Division

What Information Is Disclosed in a Financial Affidavit?

By Nottage and Ward on January 7, 2018

One of the key stages of an Illinois state divorce is the process known as disclosure. In Cook County (Chicago), a financial affidavit must be filed at the beginning of a divorce case by both spouses. The affidavit acts as the initial disclosure of your basic financial information, which will then become the basis of the division of property during your divorce proceedings. It can even be used by the judge when making a determination with regard to temporary support and the payment of attorney’s fees before the case has finished.

Read more…

Posted in: Property Division

The Financial Impact of a Divorce

By Leslie Fineberg on April 13, 2015

One of the key points of discussion during a divorce is money and property division. These issues can become heated quickly. While some couples argue over who retains stock, property and business ownership, others must decide who will carry the burden of their acquired debt. In both cases, the financial impact of the divorce will be substantial and long lasting.

Here are just a handful of financial consequences that may arise from a divorce:

Read more…

Posted in: Property Division

Pet Custody – A Growing Problem in Divorce Cases

By Leslie Fineberg on July 23, 2014

Anybody who owns pets knows that they are more than mere pieces of property; they are members of the family. That is why pet custody is becoming a growing — and frustrating — issue in divorce cases in Illinois and across the nation.

A recent article in the Chicago Tribune pointed out how contentious the battle for a pet can become.

Read more…

Posted in: Property Division

Divorce, Asset Division, and the Importance of Location

By Nottage and Ward on September 26, 2013

Location does not just describe one’s physical environment; it incorporates social, financial, and legal “geographies,” such as culture, job availability and proximity, and laws. In other words, location affects everyone deeply and largely determines their lives. Even family law can vary widely depending on location.

Read more…

Posted in: Property Division

Is Sale of the Family Home Necessary During Divorce?

By Leslie Fineberg on March 14, 2013

When considering a divorce many questions come to mind. While we initially concern ourselves with the well being of our children and our own emotional health, financial matters must also be considered. In the state of Illinois, property or money acquired during the marriage is presumed to belong to the marriage and to be subject to equitable (fair) division upon divorce. Examples of property to be equitably divided during a divorce include the following:

Read more…

Little Black Pearl The Business of ArtWe are proud sponsors of Little Black Pearl Art and Design Center.

To learn more, click here.

Friends of the Chicago RiverProud Member of Friends of the Chicago River.

To learn more, click here.

Client Reviews

Five Stars5 Leslie has been the strongest representation I could ask for

Leslie has been the strongest representation I could ask for in a very complicated, emotional matter. She has continuously looked out for my best interest and the best interest of my son. She is always prompt in getting back to me and in keeping me well informed about my case.
-

Read More Client Reviews

Avvo Top Contributor Family Law - Jeffrey Knipmeyer
Avvo Top Contributor Divorce Law - Jeffrey Knipmeyer