Division of Property In Illinois Divorce

Steps in Division of Property

After filing a petition for dissolution, the property must be identified as marital or non-marital property. 750 ILCS 5/503(a) defines marital and non-marital property in divorces and legal separation matters.

Non-marital property is property that is acquired before marriage, property received as an inheritance, property acquired as a gift, and property that is separate or for personal use.

Marital property is all other property that has been acquired during the marriage. The court will consider many factors when dividing marital property, including the following:

• each spouse's contribution to the acquisition of the property;
• each spouse's financial needs;
• the value of each spouse's separate property;
• any prior agreements between the spouses about the division of property; and
• the duration of the marriage.

Dividing From Marital Property From Non-Marital Property

Non-marital property is usually not subject to division in a divorce. However, there are some exceptions. For example, if the non-marital property has increased in value during the marriage due to the efforts of either spouse, it may be subject to division.

• Property acquired before marriage: Property that has been acquired before marriage is usually not marital property, but may be deemed to be marital if the property has been comingled with
• Inheritance and Gifts: Usually, property that has been acquired through an inheritance or gift is not considered to be marital property.
• Property received after a Legal Separation: If a Legal Separation has occurred and it is recognized by a court order, the property that usually received after the Legal Separation is not considered marital property in most cases.
• Property exempt due to Prenuptial Agreement or Postnuptial Agreement: If property has been excluded due to a prenuptial agreement or a postnuptial agreement, that is fair, just, and free of durress, then the property that is excluded by the agreements will not be included as marital property.

Similarly, if the non-marital property has been commingled with marital property, it may also be subject to division. After valuing all the property belonging to the marriage, the next step is to divide it equally between the two spouses. Having an attorney who can help you protect your interests and identify and value your non-marital property is essential.

Dividing Marital Property

Marital property is subject to division in a divorce. The court will consider many factors when dividing marital property, including the following:

• each spouse's contribution to the acquisition of the property;
• each spouse's financial needs;
• the value of each spouse's separate property;
• any prior agreements between the spouses about the division of property; and
• the duration of the marriage.

The court will also consider whether either spouse has wasted any marital assets. For example, if one spouse has squandered money on an extramarital affair or another form of marital misconduct, that may be considered when dividing the marital property. This is called dissipation.

Wasting Marital Assets and Dissipation In Divorce

Suppose a divorcing spouse believes there has been a waste of marital assets. If this happens, their family lawyer can send a written notice to the other party. The notice will state that they are making a dissipation claim in court.

Under Illinois law, dissipation of marital assets is "the use of the marital property for the sole benefit of one spouse for a purpose unrelated to the marriage at a time that the marriage is undergoing an irreconcilable breakdown." 750 ILCS 5/503(d)
To prove dissipation, there must be evidence that:

• the dissipating spouse used marital property solely for his/her benefit;
• the dissipating spouse did so at a time when the marriage was undergoing an irreconcilable breakdown; and
• the use of the marital property was unrelated to the marriage.

If you believe your spouse has dissipated marital assets, you should speak to an attorney about your case. An attorney can help you gather evidence and prove dissipation to the court.

Protected Assets in Divorce

Some assets are protected from division in a divorce. These include retirement benefits, pensions, and other similar deferred compensation plans. To protect these types of assets, it is important to have a divorce lawyer who thoroughly understands the Illinois Marriage and Dissolution of Marriage Act.

The division of property is a very important aspect of any divorce. This can significantly impact the future financial stability of both spouses.

Several steps should be taken to ensure that the division of property is fair and equitable.

The first step in dividing marital property is to identify all of the assets and liabilities of the marriage. This includes all bank accounts, investment accounts, real estate, vehicles, and personal property.

After finding all assets and debts, the next step is deciding which belong to the marriage and which are an individual spouse's property. Marital property is any property that was acquired during the marriage. Separate property is any property acquired before the marriage or after the date of separation.

The next step in dividing marital property is to find the value for each asset. This can be done using appraisals, public records, or other methods. Once all of the marital property has been valued, the next step is to divide the marital property between the two spouses.

The division of marital property can be done by agreement between the spouses or court order. If the matter involves attorneys and the assets are considerable, the attorneys and experts should work together to value the property.

Once the division of marital property has been completed, the next step is to address any outstanding debts. This includes credit card debt, mortgage debt, and other debts in both spouses' names. The debt division can be done by agreement between the spouses or court order.

The final step is to address any issues related to spousal support. This includes alimony, child support, and any other financial support that one spouse may require. The division of spousal support can be done by agreement between the spouses or court order.

After all of the assets have been divided, it is advisable that clients seek assistance with estate planning concerns to further protect their assets in the future.

Protect your Assets with our Experienced Attorneys

Division of property can be a complex process. Many factors must be considered to ensure that the division is fair and equitable. An experienced attorney can help you navigate the division of property process and protect your interests. Call Chicago Family Attorneys at (312) 971-2581 or book a consultation online.

Illinois Is An Equitable Distribution State

In Illinois, property division during a divorce is governed by the principle of "equitable distribution." This means that assets will be divided fairly between the divorcing parties, but not necessarily evenly.

The court will consider various factors, including the length of the marriage, each spouse's contribution to the marital property, and each spouse's financial needs. The court will also consider prior marriages and agreements between the divorcing parties.

Ultimately, the goal is to divide assets fairly to both parties. This can be a complex process, and it is important to have an experienced attorney on your side who can help protect your interests.

Common Factors that are Considered in Property Division

Dividing property is not as simple as most people believe in Illinois. The circuit court looks at different factors and the transparency of the parties in their disclosures of finances is greatly needed. Several common factors considered in Illinois property division include the following:

• The length of the marriage: Longer marriages usually result in a more even split of assets, while shorter marriages may warrant an unequal division.
• The couple's overall finances: The court will examine each spouse's income, debts, and assets to determine what is fair. This may include job skills, employability, estate liabilities, and more.
• The couple's contributions: Contributions to the marriage include homemaking, childrearing, and financial contributions are considered when looking at an equitable distribution.
• The future needs of each divorcing spouse: The court may consider each spouse's age and health when dividing property.
• Hidden Assets: Hiding or wasting of marital assets are a factor that can be avoided by full financial disclosures by both parties.

All of these factors are considered by the circuit court in determining what is appropriate for each portion of the assets the parties should receive in a divorce. If there is concern over hiding finances or other assets, the process of discovery ultimately leads to finding assets. Based on what is found through discovery and financial disclosures, calculations are made on what is equitable for the parties at the end of a divorce.

Prenuptial Agreements and Postnuptial Agreements in Illinois Divorces

When considering divorce most parties believe that postnuptial agreements and prenuptial agreements will make sure that the parties do not go through a long and financially draining divorce. If an agreement is not drafted well, or if there are issues At times, we see divorces that become highly contested although prenuptial agreements and postnuptial agreements are signed and agreed to by the parties.

The court ultimately looks at if someone was under duress or undue influence when signing the agreements and they will look at what is just and fair for both of the parties. Either some or all a postnuptial or prenuptial agreement may be deemed to be invalid based upon the circuit court's review of the agreement.

If you are going through a divorce, it is important to have an experienced attorney on your side who can help protect your interests. Call Chicago Family Attorneys at (312) 210-9614 or book a consultation online. We can help you navigate the process and ensure you receive a fair share of marital assets.

What is the Definition of "Property" in the Division of Property?

When two people get divorced, one of the things they must do is divide their property. What exactly is considered property in Illinois divorces?

In legal terms, property is anything that can be owned, whether physical (like a house or a car) or intangible (like stocks or bonds). It also includes anything that can be inherited, such as jewelry or artwork.

When dividing property during a divorce, the court will look at all the assets and decide how to divide them fairly between the two parties.

Ultimately, the goal is to divide property fairly and equitably for both parties involved and is decided by the court of law.

What is Marital vs Non-Marital Property?

When a couple gets divorced, one of the most frequently asked questions by clients is "what is marital property?"

Marital property is defined as any assets or property that was acquired during the marriage. This includes the family home, cars, furniture, savings, and retirement accounts.

Non-marital property, on the other hand, is any assets or property acquired before the marriage or after the couple separated. This can include inheritances, gifts, and personal possessions.

Under Illinois law, marital property is subject to division in a divorce, while non-marital property is not. As a result, it's important to understand the difference between marital and non-marital property when getting divorced.

What is Commingling Property?

Commingling occurs when the property division becomes blurred because the assets are mixed. For example, commingling may occur when one spouse uses marital funds to purchase a property that is then deeded in only their name.
Cases involving the commingling of assets are some of the hardest to understand. Often, the court relies upon the attorneys and expert witnesses to evaluate what should be considered marital and non-marital property.

Another example is if one spouse has a savings account that they've had since before the marriage, but the spouse has continued to deposit money from their paycheck into that account for years into the marriage. The money in the account becomes commingled and is subject to division during the divorce. Commingling can also occur is when one spouse uses marital funds to pay for separate debts, such as credit card bills. Commingling can even be an issue when it comes to tangible personal property.

If this occurs, it can be challenging to determine which assets belong to which spouse and the property division may need to be decided by a judge. When the property division is complex, it is often best to seek the assistance of an experienced attorney who can help ensure your rights are protected.

Key Considerations within Property Division

The Marital Home

The marital home is usually the most significant asset, and both parties may feel strongly about who should get it. There are a few different ways to approach the division of the marital home in a divorce.

One option is to sell the house and split the proceeds evenly between the parties. Another option is for one party to buy out the other party's interest in the property. This can be difficult to negotiate, as it requires one party to come up with a lump sum of cash.

Finally, some couples choose to keep ownership of the marital home and continue to live together, at least until the children are grown. This can be a complex arrangement, but it may be the best option for couples who cannot agree on who should get the house.

When determining if a marital home is truly marital, the court will look at when the property was purchased and whether there has been a commingling of funds in either paying off the property or acquiring other financing on the property.

Although one party may have purchased the property before the marriage, it does not mean that the property is truly non-marital.

Division Of Investments In Divorce

The equitable division of investments has many factors that must be considered by the court. First, the investment must be classified as either marital property or non-marital property. There are then a few different ways that the assets can be divided. In order for an attorney and the courts to separate property, the parties must work closely to disclose all financial information clearly.

One option is for each spouse to keep the investments they brought into the marriage. Another option is for the investments to be split evenly between the two spouses or the court may decide to divide the investments based on their current value.

Whichever method is used, all investments must be carefully evaluated to be fairly and accurately divided. If parties have a high net worth, often a financial expert who is focused on certain subject areas may be called to testify or evaluate investments that parties have made during the divorce.

Division Of Retirement Accounts In Divorce

When a couple gets divorced, one of the most important facets of their property division is retirement accounts. Retirement accounts are different from other types of assets, so it's important to understand how they are divided in a divorce.

There are two types of retirement accounts: defined benefit plans and contribution plans. Defined benefit plans, such as pensions, provide a set income after retirement.

Both employers and employees contribute to defined contribution plans, such as 401(k)s and individual Retirement Accounts (I.R.A's). The account's value at retirement depends on how much was contributed and how well the investments performed.

In a divorce, defined benefit plans are generally considered to be marital property and are subject to division. However, this is not always the case with defined contribution plans.

If the account was opened during the marriage, then it is likely that both employer and employee contributions will be considered marital property. However, only the employee contributions may be considered marital property if the account was opened before the marriage.

When dividing retirement accounts in a divorce, it's important to consider the account's present value and the future income stream it will provide.

An experienced attorney can help you determine the best way to divide retirement assets in a divorce so that you can protect your financial interests. Call Chicago Family Attorneys, LLC today at (312) 971-2581 or book an appointment online to learn more.

Marital Debt and Personal Debt in Illinois Divorces

Considerations in Division Of Property

When a couple gets divorced in Illinois, the division of their debt is governed by 750 ILCS 5/503. This section states that the court must divide marital debts in just proportions, considering each spouse's ability to pay and any relevant factors such as waste or dissipation of assets.

Before dividing the debt, the court must determine which debts are marital property. Debts acquired during the marriage for the benefit of both spouses are typically considered marital property, while separate debts acquired before the marriage or for one spouse's benefit are not subject to division.

In determining how to divide marital debts, the court will consider each spouse's income, assets, and financial obligations. They may also consider whether one spouse wasted or improperly used assets during the marriage, leading to unequal debt distribution.
Divorcing couples in Illinois need to understand their rights and responsibilities regarding marital debt. Consulting with a knowledgeable attorney can help ensure that debts are divided fairly and in accordance with Illinois law.

The first thing to remember is that not all debt is created equal. For example, mortgage debt is generally considered marital property, while credit card debt incurred during the marriage may be considered joint property. That said, the division of debt in a divorce is an important issue that needs to be resolved amongst the parties.

With Illinois being an equitable distribution state, the division of debt may be more subjective, with the court considering factors such as the relative income and earning potential of each spouse.

Ultimately, what the court finds reasonable and equitable is the deciding factor in the division of debt in divorce on a case-by-case basis. A premarital agreement may not be the deciding factor if

Inheritance In Division of Property

Inheritances are considered separate property and not subject to division in a divorce. This means that each spouse will retain any inheritances they received during the marriage. However, if the inheritance is commingled with other assets, it may lose its separate property status.

An inheritance can also become marital property if it is used for the benefit of the marriage. For example, if an inheritance is used to purchase a home that is occupied by the parties during the marriage, it would be considered marital property.

Furthermore, if an inheritance is received during the divorce proceedings, it may be classified as marital property and subject to division based upon many different factors. This is an issue that many divorcing spouses want to address.

Ultimately, it is important to speak with an attorney to determine how a divorce will affect inheritances.

The Effect of Prenuptial and Postnuptial Agreements in Illinois Divorces

A prenuptial agreement, also known as a prenup, is a legally binding contract that couples enter before marriage. The agreement typically outlines how assets will be divided in the event of a divorce.

Postnuptial agreements are like prenuptial agreements, but they are signed after the couple is already married. A postnuptial agreement can be used to the division of property in the event of a divorce, or it can be used to handle financial issues that arise during the marriage. For example, if one spouse inherits money or opens a business during the marriage, a postnuptial agreement can be used to decide how those assets will be divided.

Prenuptial and postnuptial agreements can help protect your finances in the event of a divorce. If you are considering entering a prenuptial or postnuptial agreement, it is important to consult with an attorney to ensure that the agreement is enforceable and meets your legal needs.

Most people believe that postnuptial agreements and prenuptial agreements are going to protect their assets in the event of a divorce, but there are circumstances in which this might not be the case.

If a party claims that they were under duress or there was an outside influence to be forced into the agreement, and the agreement is not fair or just, the court may either completely ignore the agreement or they may allow for certain portions of the agreement to stand.

Potential Hidden Assets

When a divorce involves property division, it is critical to identify all assets. Many couples have obvious assets such as vehicles, real estate, and retirement accounts. However, there may also be hidden assets that are more difficult to identify and value.

Hidden assets include artwork, jewelry, collectibles, and investments. In some cases, a business may be considered a hidden asset. It is important to keep in mind that hidden assets can often have significant value, and they should be considered when dividing property in a divorce. If you are going through a divorce and believe that your spouse may have hidden assets, it is important to speak with an experienced attorney who can help you protect your rights.

Once the court enters an order that the parties could have otherwise agreed upon, people wish they would have hired the right family law firm to assist them.

We are the right divorce and family law firm that can help you fight for the right division of assets in Divorce and Legal Separation cases. Our attorneys are experienced in handling complex property division cases and can help you protect your rights.

If you are going through a divorce and have questions about the division of property, it is important to speak with an experienced attorney. Call Chicago Family Attorneys at (312)971-2581 or book a consultation online to speak with our divorce attorneys.

What is equalization for attorney's fees in Illinois?

Attorney fees are typically not factored into property division in a divorce. Instead, each party is responsible for their attorney fees.

However, there may be some exceptions to this rule. For example, if one party has significantly more income than the other party, the court may order that party to pay a portion of the other party’s attorney fees.

Equalization of attorney's fees means that each party in a divorce case pays the same amount for their attorney's fees. This can be done either through an agreement between the parties or by order of the court. In general, each party is responsible for their own attorney's fees.

If one spouse cannot afford to pay their own attorney's fees, the court may order the higher-earning spouse to pay a portion of the other spouse's attorney's fees. This is important to divorcing spouses because it provides a way for parties to have equal representation in a divorce, even when there is a large disparity in income.

If you are going through a divorce and have questions about the division of property, it is important to speak with an experienced attorney. The attorneys at Chicago Family Attorneys are experienced in handling complex property division cases and can help you.

Call us at (312) 971-2581 or book a consultation online to speak to the best divorce attorneys in Chicago.

What is a Master Settlement Agreement in Illinois divorces?

A master settlement agreement, or M.S.A., is an agreement between the parties in a divorce that outlines how property will be divided.

This agreement can be reached either through negotiation between the parties or through mediation. Once the M.S.A. is reached, it is then submitted to the court for approval. Once the court approves, the MSA's terms are binding on the parties.

MSAs are beneficial because they allow the parties to have more control over the division of property in their divorce. Making decisions about property division can be difficult, but avoiding some of the potential pitfalls can be helpful. For example, if one party owns a business, an MSA can help ensure that the business is divided in a fair way to both parties.

If you are going through a divorce and are interested in reaching a settlement, it is important to speak with an experienced attorney.

The attorneys at Chicago Family Attorneys are experienced in handling complex property division cases and can help you reach an MSA that is fair to both parties. Contact us today at (312) 971-2581 or book an appointment online to speak with one of our attorneys.

What is the difference between premarital and post-marital property in Illinois?

Premarital property is any property that either party owns prior to the marriage. This can include things like real estate, vehicles, investments, and personal possessions. Post-marital property is any property that is acquired by either party during the marriage. Post-marital property can include things like incomes, gifts, and inheritances.

In general, premarital property is not subject to division in a divorce. However, there are some exceptions to this rule. For example, if the premarital property has increased in value during the marriage, it may be subject to division. Additionally, if the premarital property has been used for the benefit of the marriage (such as a family home), it may also be subject to division.

Post-marital property is generally subject to division in a divorce. However, there are some factors that the court will consider when making decisions about post-marital property. For example, the court will consider how long the marriage lasted, what each party contributed to the marriage, and whether any special circumstances should be considered.

If you are going through a divorce and have questions about how your property will be divided, it is important to speak with an experienced attorney.

The attorneys at Chicago Family Attorneys are experienced in handling complex property division cases and can help you understand how your property will be divided. Contact us today to learn more.

How is spousal support calculated in Illinois?

In Illinois, there is no set formula for calculating spousal support. Instead, the court will consider several factors when making decisions about spousal support. These factors include the length of the marriage, each party's financial needs, each party's ability to pay spousal support, and the standard of living that the parties enjoyed during the marriage.

If you are going through a divorce and have questions about how your spousal support will be calculated, it is important to speak with an experienced attorney. The attorneys at Chicago Family Attorneys are experienced in handling complex spousal support cases and can help you understand how your spousal support will be calculated.

Contact our law firm by calling (312) 971-2581 or book a consultation online to speak with a licensed attorney.

What is a Qualified Domestic Relations Order (QILDRO) in Illinois?

A Qualified Illinois Domestic Relations Order, is a court order that is used to divide retirement benefits in a divorce. A QILDRO can be used to divide pensions, 401(k)s, and other types of retirement benefits.

If you are going through a divorce and have questions about how your retirement benefits will be divided, it is important to speak with an experienced attorney. The attorneys at Chicago Family Attorneys are experienced in handling complex QILDRO cases and can help you understand how your retirement benefits will be divided.


Contact us today to learn more.