Illinois Property Division Lawyers
Marital property division can become a contentious issue because Illinois law does not explicitly state that assets and finances need to be divided equally. However, judges tend to follow that rule. At the Katz Law Office, Ltd. in Chicago and Cook County, we aggressively represent our clients in seeking the property distribution that they deserve following the dissolution of their marriage.
All property acquired during the course of a marriage is considered marital assets and subject to division. Property acquired prior to the marriage only becomes marital property if it was commingled. For example, if one spouse had a sizable bank account prior to the marriage and the other spouse deposited money in that account, that bank account will probably be considered marital property.
When the court divides property, it uses various factors involve in marital property division, including
- Contribution of each party
- Dissipation or wasting of assets (gambling as an example)
- Value of property assigned to each
- Duration of the marriage
- Economic circumstances of each spouse following divorce
- Obligations or rights form a prior marriage
- Any pre-marital agreements
- Age, health, station, occupation, and sources of income
- Custodial provisions for the children
- Division of property in lieu of maintenance
- Opportunity of each spouse to acquire additional capital and assets in the future
- Tax consequences
Many different types of assets are subject to division, including retirement accounts. An attorney at our firm can discuss with you the status of your pension and other accounts that may be divided upon divorce.
One factor that will not come into play is anything related to marital misconduct, including infidelity. That does not affect the split of property at all. Most judges will focus on an equitable split, but it helps to have an experienced marital property division attorney to advocate for you.
For more information or to schedule a consultation regarding marital asset division or divorce asset protection with an experienced attorney based in Chicago, please contact us.
The Katz Law Office, Ltd. serves clients throughout Illinois, including Chicago, La Villita, Lawndale, Brighton Park, Midway, Cicero, Pilsen, Garfield Park, Berwyn, Cook County, Lake County, Kendall County, Kane County, Du Page County, Will County, Avondale and Logan Square.