Asset & Property Division in Illinois
Chicago Divorce Lawyers Fighting for Your Best Interests
For both spouses to lead separate lives following their divorce, their marital estate needs to be evaluated and divided between them. Illinois is considered an equitable property division state. This means that any assumptions about an easy 50/50 split of your marital property are likely inaccurate. Instead, the court works to arrive at a division that it believes is fair considering the unique circumstances of the couple.
At our firm, we have long recognized that one of the most urgent concerns clients have before their divorce is whether or not they will retain certain assets following their divorce. Kogut & Wilson, L.L.C. takes an incisive and assertive approach to this process and always ensures that the court is informed of our clients’ needs are and what they deserve as they enter this new stage of their lives.
Our award-winning attorneys are ready to evaluate even the most complex of marital estates. Call our firm at (312) 565-4100 today to explore your options.
How Marital Estates Are Evaluated
Nearly every asset, piece of property, and debt acquired during the marriage is considered marital property– whether both parties know about the acquisition or not. The first step in dividing the estate is evaluating its entire scope. Usually, spouses will do this voluntarily in the interest of a fair evaluation. Other times, a formal discovery phase—and even forensic accountants—are needed to provide the court full details of the spouses’ finances.
When all assets/debts are collected and valued, the court will consider:
- How each spouse contributed to the marital estate
- How each spouse spent money or incurred debt
- The length of the marriage
- The health and income of each spouse
- Any child custody arrangements
- Any financial obligations either spouse has from a previous marriage
- Any other relevant economic circumstances
- The total value of the property assigned to each spouse
- The tax obligations each spouse stands to inherit
- Any viable prenuptial agreements in place
At Kogut & Wilson, L.L.C., we fully recognize that this can be a contentious process where points-of-view clash and emotions can run high. Our team of Chicago family lawyers has the resources and insight to protect the integrity of the property division process and ensure that the court is thoroughly informed of what our clients should receive in a fair and equitable division.
Have more questions about your upcoming divorce? Use our online form to request a case evaluation with our advocates today.