Understanding Property Division In Divorce
Going through a divorce can be extremely difficult. One aspect of divorce that can make the process even more difficult is property division. Divorcing couples must divide an entire marriage’s worth of assets and liabilities. In many cases, one spouse has more control over the parties’ property and the other spouse may not know what is owned or the value of the property. If you are going through a divorce, it is imperative that you know your rights to your property, that the values of all property are ascertained and that you be granted a fair share of the property.
At Taege Law Offices, our divorce attorneys are committed advocates for our clients. We understand how complicated it can be to divide assets and property during a divorce. We will work tirelessly to protect your rights and help you achieve your goals. To get immediate help with your case, please contact us today.
What Is Marital And Nonmarital Property?
Illinois is an equitable property jurisdiction which means that marital assets must be split up in a fair manner. In Illinois, fair does not always mean equal. When you are getting divorced, only marital property is subject to distribution. Nonmarital property will not be divided. Whether your assets are nonmarital property or marital property will depend on a number of different factors. Division of marital property is governed by Illinois Statute 750 ILCS 5/503. Some of the factors include:
- When the property was obtained (prior to the marriage or after the date the marriage began)
- Whether the property was given as an individual gift
- Whether the property was inherited
- Whether any prenuptial agreements apply
Do I Need An Attorney?
Yes! Many times people attempt to resolve their divorce by agreement without the assistance and guidance of attorneys. Oftentimes, we find that the language in the judgment is not exactly what a person believed he or she was agreeing to. It’s important to have an attorney review any final paperwork to ensure you are fully protected.
How Our Chicago Divorce Lawyers Can Help
When you work with the Chicago property division attorneys at Taege Law Offices, you can be sure that your rights will be fully protected. Our legal team will work diligently to make sure that we understand your situation, your goals, and your objectives. Among other things, we will:
- Review any prenuptial or postnuptial agreements and evaluate the enforceability of any agreement
- Determine all property/assets that need to be divided
- Prepare and review all relevant financial documents and records
- Take action to find any hidden assets
- Work to divide property including real estate, retirement accounts, family heirlooms and complex property division
- Negotiate toward a successful property division settlement, if possible
- Prepare for litigation should your former partner not cooperate, or if litigation is in your best interests
Contact Our Chicago Divorce And Family Law Attorneys Today
At Taege Law Offices, our Illinois family law attorneys have extensive experience handling property division and related issues. To find out more about what we can do for you, please do not hesitate to contact our law firm today at 312-667-7706. We represent clients throughout the greater Chicago area including in Cook, DuPage, Lake, Will and Kane counties.