Do you need help with division of marital property in Chicago, IL? KHK Family Law & Divorce Attorneys are here to guide you. Contact our law firm to schedule a free consultation at 312-702-0068 with a Chicago property distribution lawyer to discuss your case.
A number of factors are utilized by the Illinois courts to determine how to distribute the property of the marriage between the parties. First, however, the court must determine whether a given property is marital or non-marital. Any property acquired during the marriage is presumptively marital, meaning that it will be divided between the parties during the marriage. The exception to this rule is a gift or inheritance received by a party which is titled in the name of that party only.
Once property has been determined to be marital, the court will consider the contribution of each party to the marriage and its assets as well as asking whether any “dissipation” or misuse of the marital assets has occurred. A party who has lost due to the other’s dissipation can seek reimbursement of those assets.
The division of marital property is advocated based on and determined by the court based upon a number of factors. These include, e.g., relevant economic circumstances of each spouse, such as awarding the marital residence to a primary residential parent. Other factors include obligations arising from a prior marriage, any prenuptial or postnuptial agreements, the age, health, income and needs of each of the parties, custodial provisions for any children, the ability to acquire future assets and income, tax consequences, among other factors.
KHK Family Law & Divorce Attorneys are here to help you with your family law case. Reach out our Chicago, IL offices today to get started!
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KHK Family Law & Divorce Attorneys Chicago Office
166 W Washington St Ste 400, Chicago, IL 60602, United States
(312) 702-0068