Chicago Marital Property Division Attorney

Answer: In Illinois, marital property includes any assets or debts obtained during the marriage, no matter whose name is on the title. For example, this may include income earned by both spouses, the marital home, vehicles, savings, investments, and retirement accounts. Property obtained before the marriage or through inheritance is usually considered non-marital and thus is not subject to division.

Answer: Property division is based on the principle of equitable distribution. This means that assets and debts obtained during the marriage are divided in a way that is fair. This does not mean exactly equal. When making decisions about property division, the court will consider different factors, such as how long the couple was married, what each spouse contributed to the marriage, specific economic factors, and any agreements made between the spouses. The goal is to achieve a fair allocation of property that provides for the needs of both parties after the divorce.

Answer: Bank accounts, investments, real estate, retirement accounts, vehicles, and other types of property can be divided in a divorce. Marital property acquired during the marriage is subject to division. In contrast, non-marital property, such as assets owned before the marriage or received as an inheritance, will typically remain with the original owner.

Answer: In a divorce, business assets are treated as marital property if a business was acquired or increased in value during the marriage. The court may assess the business's fair market value, considering factors like income, expenses, and the possibility for future growth. Both spouses may receive a share of the business, or one may buy out the other's interest. Proper evaluations often involve financial professionals whose job is to ensure an equitable distribution of assets can be achieved.

Answer: A prenuptial agreement in Illinois significantly affects asset division during a divorce by outlining how marital property will be divided. If valid and properly executed, the agreement can override default state laws and protect specific assets, debts, or income from being divided.

Answer: Dividing a couple's home involves several steps. First, the court determines if the home is marital property or non-marital. Then, the home's value will be assessed through an appraisal. Next, the spouses may negotiate terms for property division, which can include selling the home and splitting the proceeds or one spouse buying out the other's interest. The court will finalize the division while striving for an equitable outcome, considering various factors, such as each party’s contributions toward purchasing and maintaining the home.

Answer: Yes, retirement accounts are generally considered marital property in Illinois if contributions were made during the marriage. This includes plans like 401(K)s and pensions. The court typically divides these assets equitably during a divorce, often using a Qualified Domestic Relations Order (QDRO) to facilitate the transfer of funds without tax penalties. The division aims to reflect each spouse's contributions and financial needs, balancing the couple's interests to achieve a fair outcome.

Answer: In an Illinois divorce, debts are usually considered marital property and are subject to equitable division laws. This includes credit card debt, loans, mortgages, and other types of debt. The court will assess each spouse's financial situation, their contributions to the marriage, and the purpose of the debts to determine each party’s responsibilities for repaying debts. It is possible that both parties will share liability, meaning one may be responsible for certain debts despite them being in the other's name. When it comes to dividing debts, clear documentation of debts is crucial for a fair division.

Answer: In a longer marriages, decisions about the division of property should reflect the shared contributions and sacrifices each party has made over time. Courts consider factors such as economic circumstances and contributions when dividing assets, often favoring arrangements that will provide stability for both spouses.

Answer: Yes, non-marital property can be converted into marital property in a few different ways. This often occurs when non-marital assets are commingled with marital assets, making it difficult to distinguish their origin. Additionally, if one spouse has taken actions that have significantly enhanced the value of the other spouse’s non-marital property using marital funds or other efforts, the asset may be deemed marital.

Answer: Investment properties are typically considered marital assets if they were purchased or improved upon during the marriage. Illinois law mandates an equitable division of marital property, and the court will aim for a fair distribution as opposed to an equal split. Factors like what each spouse contributed to the marriage, the property’s appreciation, and each party’s financial needs may be considered.