Illinois Divorce and Marital Property Division

Protecting Your Rights during Illinois Divorce and Marital Property Division

There are important issues to resolve when dividing marital property. The first matter is to determine what IS marital property, and the second is to place a value on that property so it can be divided equitably between the partners.

At the Boyd Law Firm, we protect our clients’ interests while seeking reasonable, cost-effective settlement options that save them time and money. Contact our Chicago or Oak Park law offices to speak to a Cook County divorce attorney in a free initial consultation.

Identifying and Valuing Marital Assets

Marital property is any property that was acquired or grew in value during the marriage, including gifts and inheritances. A family home, even if the deed is in the name of only one partner, is usually a shared marital asset. Each member of the couple generally is seen as contributing toward house payments (even if one spouse did not work outside the home but was a homemaker contributing to the household).

Property acquired before marriage is generally not a shared asset, although its increase in value may be. Some assets acquired after a marriage may also be viewed as separate property, particularly if the couple noted this in a premarital or post-marital agreement.

The actual value of a property, a pension, an asset, or a business may not be known. In such cases, we may bring in experts to give an up-to-date valuation of the asset so that it can be properly distributed.

What Does it Mean to Divide Property Equitably?

What does "equitable" mean? Does it mean 50/50? If a judge is making the decision, equitable does not necessarily mean 50/50, because the judge will consider property division much more broadly. Some of the variables a judge will consider include:

• The length of the marriage
• The health of each spouse
• The current earning power and earning potential of each spouse
• The needs of each spouse and their ability to replace the property
• Custody of children: In Illinois, the custodial parent will usually maintain the family home until the children turn 18, at which point the home will be sold and the proceeds distributed. Sometimes people find they need the help of a lawyer for “post-decree” action to accomplish this division of the proceeds from the marital home, which may happen years after the fact.

Complex Assets

One of the most valuable assets many families own may not even be tangible property. It may be a company pension plan, a 401(k) plan, a profit-sharing plan, or a family-owned business. As your Cook County divorce lawyer Donald Boyd will make sure your interests are protected and that you receive your full share of marital property by evaluating the assets, sometimes working with asset valuation experts, to arrive at an accurate valuation. Contact our law office in Forest Park or Chicago to schedule a free initial consultation.

Evening and weekend appointments available by request