Dividing property is often a central issue in a divorce. Whether you’re contemplating divorce or are already in the midst of a dispute in Chicago, IL, it’s important to hire an experienced Chicago property division and valuation lawyer. Our team at KHK Family Law & Divorce Attorneys has the tools to help you reach the most favorable resolution possible.
With over 70 years of combined experience, we’ve seen it all. We’ve helped countless couples settle their disputes so they can move on with their life. You can count on us to put the full weight of our experience to work in your case.
Do you have questions about your legal right to a fair property settlement? Call our law offices in Chicago, Illinois, to schedule a free consultation today at 312-702-0068.
Why Call KHK Family Law & Divorce Attorneys for Help With the Property Division and Valuation Process in Chicago?
Maybe you’re in the middle of a hotly contested divorce or suspect your spouse is hiding assets. Maybe you’re having trouble reaching an agreement over a specific piece of property. Regardless of the situation, our Chicago family lawyers are here to help.
Our team at KHK Family Law & Divorce Attorneys is ready to put our proven track record of success to work for you.
When you hire our team, you can expect us to:
- Help you develop a list of property that will be divided as marital property
- Work with leading experts and use our skills to establish the value of marital assets and debts
- Hire investigators, forensic experts, and other specialists who can help locate hidden assets
- Help you identify the assets that are a priority for you
- Facilitate negotiations and, if necessary, mediation with your spouse
- Represent you at trial and fiercely advocate for a settlement that protects your best interests
Getting divorced is difficult enough. You can count on our award-winning Chicago family law attorneys to help you through the entire process. Contact us today to get started.
Overview of Illinois Laws on Division of Marital Property
When it comes to dividing marital property in a divorce, Illinois is an equitable distribution state.
This is different from the laws that apply in community property states. This means that while marital property is to be divided fairly, it won’t necessarily be a 50-50 split.
What is Marital Property, and What is Separate Property in Chicago?
Under Illinois law, the family law judge will start with the presumption that all property acquired after the couple married is marital property. You’ll generally keep any property that is brought into the marriage. Property brought into the marriage is called separate property or non-marital property.
Some common examples of marital assets include:
- Real estate, including the marital home
- Any wages and income earned by either spouse during the marriage
- Furniture
- Personal property, including artwork and jewelry
- Household goods
- Vehicles
- Savings accounts and other financial accounts
- Retirement savings and pension benefits, including 401(k)s and IRAs
- Stocks, bonds, and investment funds
- Either spouse’s business
- Business interests
- Any funds obtained in a legal settlement, such as a personal injury case or employment case
Marital debt must also be divided. Any liabilities incurred by either spouse during the marriage are generally subject to division.
Remember, however, that the division won’t necessarily be a 50-50 split. Courts will divide liabilities in a manner they deem to be fair. So, for example, if your spouse ran up a large credit card bill, the courts will allocate that debt to them alone. If you and your spouse obtained a car loan together, you may both remain liable.
Can My Separate Property Ever Be Considered Marital Property in Illinois?
Separate property in Illinois generally includes:
- Assets or liabilities you acquired prior to marriage
- Gifts or inheritances you receive during the marriage
- Property you acquired in exchange for property acquired prior to marriage
- Property you acquired after a legal separation from your spouse
- Property excluded from the “marital property” bucket via a pre-or post-nuptial agreement
- Property acquired using solely non-marital property for collateral and/or payment
- The income, or increase in value, of any separate property unless your spouse’s personal efforts contributed to that increase
It is possible that separate property can become marital property. Generally, this happens when non-marital assets are commingled with marital assets. For example, if you transfer money you had in a bank account prior to marriage into a joint account, that property becomes marital property.
What Do the Courts Consider When Making Decisions About Property Division in Chicago?
Courts will, of course, divide marital property according to the terms of any prenuptial or postnuptial agreement. If you and your spouse have already agreed to how your property should be divided, that agreement will be respected.
However, as you can imagine, disputes over property division are extremely common.
When courts are making decisions about the division of marital assets, the following factors will be relevant:
- Each party’s contribution to the acquisition, preservation, or increase/decrease in the value of any marital asset
- Whether any contribution to a marital asset was made after the parties filed for divorce
- Contributions either spouse made as a homemaker
- The desirability of awarding sole possession of any given asset to one spouse
- The desirability of allowing one spouse to remain in the family home due to child custody arrangements
- The tax consequences of any given allocation of property
- Spousal support obligations of either spouse
- Each spouse’s economic circumstances, including education, work history, employment, etc.
- Child support obligations from the current marriage or a prior marriage
- The length of the marriage
- The age and overall health of each spouse
- The general value of leaving any asset intact and assigning that asset to one spouse, such as a business interest or investment
Of course. In fact, if all goes well, your lawyer will help you negotiate the terms of your property division agreement with your spouse and their attorney without the need to have a judge weigh these factors.
Once you’ve reached an agreement, your lawyer will draft the marital settlement agreement. At that point, the judge merely must approve the agreement and incorporate the terms into your final divorce order.
How is the Value of Marital Property Determined?
Generally, the value of marital property must be determined as of a certain date. You and your spouse can agree upon the date that should be used for valuation purposes.
The family court also has the discretion to use the date of the trial. The court can also use its discretion to identify the date at which the value of the property must be determined. Once that date is assigned, the judge generally won’t consider any increase or decrease in the value of the property.
It can be difficult to establish the value of some assets and debts.
Often, our lawyers in Chicago will bring in experts, including:
- Tax professionals
- Forensic accountants
- Real estate appraisers and professionals
- Retirement plan analysts
How marital property is allocated can have a huge impact on your finances. Expert testimony is often critical to protecting your future financial interests. Our lawyers have the resources to bring in respected experts who can help with the process. Contact KHK Family Law & Divorce Attorneys to learn more about how we can help today.
What Is the Process for Dividing Marital Property in Illinois?
It’s important to understand the general process for dividing marital property.
That process includes:
- Identifying the property that is marital property and the property that is the separate property of either spouse
- Determining the value of any marital assets and liabilities
- Identifying any property that you, or your spouse, wishes to retain after the divorce is finalized
- Allocating the property between you and your spouse
While these steps are relatively simple, disputes often arise along the way. It’s important to have an experienced Chicago property division & valuation attorney by your side. Our attorneys have the skills to facilitate negotiations with your spouse and their attorney. You can rest assured knowing that we’ll protect your interests at every stage.
What Happens if I Suspect My Spouse Has Intentionally Hidden Assets?
Divorce proceedings can be incredibly contentious. You may suspect that your spouse is hiding assets or has taken steps to intentionally decrease the value of a given asset. If this is the case, it’s even more important to have an experienced divorce attorney in your corner.
Courts in Illinois can consider any depletion in the value of assets that was caused by either spouse. Our lawyers also have the tools to help you determine whether your spouse is hiding assets to avoid a fair division.
Contact an Experienced Chicago Property Division & Valuation Lawyer for a Free Consultation Today
Going through a divorce can be incredibly difficult. When disputes over property division arise, the process only becomes more stressful. You can count on a Chicago property division & valuation lawyer at KHK Family Law & Divorce Attorneys to provide quality legal representation at every turn. All you have to do is call for a free case review today.
Visit Our Divorce & Family Law Office in Chicago, IL
KHK Family Law & Divorce Attorneys Chicago Office
166 W Washington St Ste 400, Chicago, IL 60602, United States
(312) 702-0068