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CHICAGO DIVORCE ATTORNEYS FOR ASSET DIVISION AND ALIMONY

Property division can be one of the most contentious aspects of a divorce. Spouses may fiercely disagree about who should get the house, the car, or the family business. In some cases, one spouse may try to hide assets to keep them out of the division. That's why it's important to hire the right divorce attorneys to assist you in dividing property to fight for your legal rights in your divorce case. You need the right divorce lawyers who can assist you in your financial concerns.

DIVORCE AND DIVISION OF PROPERTY IN ILLINOIS

When a spouse is ready to file for divorce, almost immediately both parties become concerned over an equitable division of property. Surprisingly, state law does not force property to be divided equally, but the property is instead divided equitably based upon many different factors. Property division is a critical issue that must be addressed in any divorce proceeding. It's important to contact the best divorce attorneys near you to ensure that your rights are protected within property division cases and divorce. 

Illinois courts are forced to consider many factors in the division of property due to the Illinois Marriage and Dissolution of Marriage Act. Some factors considered include each spouse's contribution to the acquisition of property and each spouse's financial needs. This is important to remember when

With the help of our experienced Chicago divorce attorneys, divorcing spouses can reach an agreement on the division of property that is fair and equitable. If spouses cannot agree, our attorneys at Chicago Family Attorneys, LLC, will go to court and fight for the proper division of property.

If you need assistance with your divorce case, call the best divorce attorneys in Chicago. We have experience in handling matters that are focused on division of financial assets and real estate that have ranged from several thousand dollars to multi-million dollar marital estates.

Our divorce and family law attorneys represent clients in the following counties:

  • Cook County

  • DuPage County

  • Lake County

  • McHenry County

  • Will County

 

We can protect your marital estate throughout the divorce process. Call us at (312) 971-2581 or book an appointment online to learn how we can assist you in your divorce

STEPS IN DIVISION OF ASSETS

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.

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SEPARATING 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 experience divorce attorney who can help you protect your interests and identify and value your non-marital property is essential.

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DIVIDING MARITAL PROPERTY

Marital property is subject to division in a divorce. State law in Illinois is not the same throughout the entire United States. Illinois courts 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 DURING MARRIAGE

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 EXPERIENCED DIVORCE LAWYERS IN CHICAGO

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.

EQUITABLE DISTRIBUTION UNDER ILLINOIS LAW

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.

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REVIEWING FINANCIAL ISSUES IN DIVORCES

​When going through a divorce in Illinois, it is crucial to have an experienced and savvy attorney by your side. One of the key aspects of a divorce case is discovery, which involves gathering evidence and information from both parties involved. This process can be complex and time-consuming, but it is essential to ensure that each party is honest and transparent about their finances.

 

In order to effectively conduct discovery in an Illinois divorce case, it is important for your attorney to be well-versed in issuing marital interrogatories, requests to produce, and requests to admit. These legal documents are used to obtain specific information or documents from the other party. They can cover a wide range of topics, including income, assets, debts, expenses, and any other relevant financial information.

 

It is especially crucial for your divorce law firm to thoroughly review financial affidavits during discovery. These documents provide a comprehensive overview of each party's financial situation, including income, assets, debts, and expenses. By carefully reviewing these affidavits, your attorney can identify any discrepancies or red flags that may need further investigation.

 

In addition to using marital interrogatories and requests for production of documents, subpoenas can also be utilized during discovery in an Illinois divorce case. A subpoena is a legal document that requires someone to appear in court or produce specific documents as evidence. Your attorney may use subpoenas to gather information from third parties such as banks or employers.

 

The importance of thorough discovery cannot be stressed enough in Illinois divorce cases. Not only does it ensure that both parties are honest about their finances, but it also helps protect your rights during the divorce process. By uncovering all relevant information and evidence through discovery, your attorney can build a strong case on your behalf.

 

It's crucial for your divorce attorney to have a deep understanding of Illinois statutes related to discovery in divorce cases. These laws outline the rules and procedures for conducting discovery in family law matters. A knowledgeable attorney will know how to navigate these statutes and use them to your advantage.

 

Discovery is a critical aspect of Illinois divorce cases, and having an experienced and savvy attorney is essential. By being well-versed in issuing marital interrogatories, requests to produce, and requests to admit, as well as thoroughly reviewing financial affidavits and using subpoenas when necessary, your attorney can ensure that all parties are truthful about their finances and protect your rights. Don't underestimate the importance of discovery in divorce cases – make sure you have a skilled divorce lawyer on your side. If you're looking for a divorce attorney in Illinois or Chicago who understands the intricacies of discovery in divorce cases, contact our firm today.

financial assets

EQUALIZING ATTORNEY FEES IN DIVORCE CASES

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.

Alimony Attorneys in Chicago, Illinois

Chicago Family Attorneys, LLC is a firm is known for its skill and dedication in handling complex divorce cases, including spousal maintenance (alimony), child custody, and asset division. With our complex divorce attorneys, Chicago Family Attorneys, LLC is dedicated to providing top-notch legal representation to clients navigating the challenging landscape of divorce and family law.

If you or a loved one are seeking a divorce and require spousal support, it is always advised to hire an attorney toa assist you in your matter. The complexities of financials within a divorce are often an issue that are ignored. To have the best possible outcome, it is advisable to seek legal counsel for your divorce to ensure that you are given the proper maintenance within your case.

SECURING SPOUSAL SUPPORT FOR CLIENTS

Chicago Family Attorneys, LLC excels in securing spousal maintenance for clients. Alimony, also known as spousal support, is a crucial aspect of many divorce proceedings. The firm's attorneys are well-versed in the Illinois Marriage and Dissolution of Marriage Act, which governs the determination of maintenance awards. They meticulously analyze factors such as the duration of the marriage, the standard of living during the marriage, the income and needs of both parties, and the ability of the spouse seeking maintenance to become self-sufficient.

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