High-value assets require accurate valuations to determine their true worth. This may include professional assessments for businesses, investment portfolios, or properties. The best approach for division may vary from dividing the value to buyouts or establishing joint ownership agreements.
Property Division
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Property Division Attorney
Divorce Lawyer for Dividing Marital Assets
When you decide to end your marriage, all of the assets that you and your spouse have accumulated together will need to be divided between the two of you. Property division can be one of the most stressful aspects of the divorce process, and disagreements between spouses are common. In order to protect your interests and achieve your priorities regarding your property and assets, it is important to have a strong, well-informed plan.
At Reifman Law Offices, we have nearly 20 years of experience helping our clients address property and financial matters in Illinois divorce cases. We can help you prepare for the division of assets and develop a strategy to achieve your goals through negotiation or litigation. We strive to ensure that our clients can reach a divorce resolution that leaves them financially stable and with their most important assets intact and in their possession.
How Does Equitable Distribution Work in Illinois?
Illinois law requires that a couple’s marital assets are distributed equitably in their divorce resolution. As you prepare to divide your property, you should be sure to understand which of your possessions are considered marital assets, and which are your own personal property. Marital assets generally include anything that you or your spouse acquired while you were married, but there are several notable exceptions.
For example, assets you received as a gift or inheritance during your marriage are usually non-marital property and remain non-marital if you did not commingle them with marital assets during the marriage. If you are legally separated, any assets you acquired since the judgment of separation also belong to you alone. If you have a prenuptial agreement or postnuptial agreement, it may specify that certain assets acquired during your marriage are non-marital property as well. Additionally, the property you owned before your marriage is non-marital, as long as it has not been commingled with your spouse’s property.
You should also understand what equitable distribution means according to Illinois law. Rather than dividing marital assets 50/50 in every divorce case, Illinois requires a distribution that is fair according to the couple’s specific circumstances. You have the option to negotiate a fair distribution with your spouse and submit the agreement to the court, which allows for more flexibility and personalized solutions. However, if you cannot reach an agreement, the court will consider the following factors to determine an equitable distribution through litigation:
- The assets and non-financial contributions that each spouse made to the marriage and the marital estate
- The length of the marriage
- Each spouse’s age, health, needs, economic circumstances, and earning abilities
- The allocation of parental responsibilities between spouses
- Any awards for spousal maintenance
- The tax consequences of dividing and distributing certain assets
What Kinds of Property Will Be Divided?
Depending on your financial situation, the assets to divide in your divorce may range from the limited contents of a joint bank account to multi-million dollar properties and investments. Some common assets that often must be addressed in a divorce resolution include:
- The marital home and other real estate property
- Retirement accounts, including IRAs, 401ks, and pensions
- Businesses and professional practices
- Stocks and other investments
- Checking and savings accounts
- Valuable art, jewelry, furniture, vehicles, and collectibles
Any debt belonging to the marital estate, including mortgages and credit card debt, must also be distributed fairly.
For each of these types of assets and debts, we can help you take the steps to obtain accurate valuations to determine how they will factor into the overall division of property. We will also help you consider all available options for dividing your assets, including selling or liquidating certain properties, distributing properties of similar value, buying out a share of your spouse’s assets, or working out a joint ownership agreement.
Contact an Arlington Heights Divorce Attorney
Dividing marital property may be a complex process, but we will help you keep track of all of the details and pursue a resolution that works for you. For a free consultation, contact our office today at 847-229-8433. We serve clients in Arlington Heights, Rolling Meadows, Schaumburg, Palatine, Hoffman Estates, Streamwood, West Dundee, Barrington, Elk Grove Village, and the surrounding areas.
FAQs About Property Division in Illinois
Can a prenuptial or postnuptial agreement affect property division?
Yes, these agreements can play a significant role in property division. They allow couples to designate certain assets as non-marital or outline how marital property will be divided in the event of a divorce. Reifman Law Offices can review such agreements to ensure their validity and enforceability within your case.
How are debts treated during property division?
Debts that were incurred during the marriage, such as mortgages or credit card balances, are typically regarded as part of the marital estate and are therefore subject to equitable distribution. Responsibility for these debts is typically allocated based on factors like each spouse’s financial situation and ability to repay.
What happens if one spouse tries to hide assets?
If one spouse is found attempting to hide assets during a divorce, it is considered a serious violation of Illinois law, which requires full financial disclosure. The court may impose penalties on the offending spouse, such as granting a larger share of marital property to the other spouse or ordering the payment of fines.
Can I be compensated for non-financial contributions to the marriage?
Yes, Illinois courts consider non-financial contributions when dividing marital property. Managing the household, raising children, or supporting a spouse’s career are recognized as valuable contributions and can influence the division of assets. The court evaluates these contributions alongside financial factors when determining equitable distribution.
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What Our Clients say about us
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