Chicago Lawyers Handling Property Division In Divorce
Last updated on June 4, 2026
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 Chicago divorce attorneys are committed advocates for our clients. We understand how complicated it can be to divide assets and property during a divorce.
Talk to a lawyer today: We will work tirelessly to protect your rights and help you achieve your goals. To get immediate help with your case, please contact us online today or call 312-667-7706.
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
Every case is different, and we tailor our approach to the specific facts and circumstances of your divorce. If you are ready to speak with a lawyer, call 312-667-7706 or contact us online.
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
Assets acquired during the marriage are generally presumed to be marital property regardless of whose name is on the title. Nonmarital property can become marital if it is commingled with marital funds or used for joint purposes over time. Understanding that distinction early in the process is critical to protecting what is rightfully yours.
How Does Illinois Law Handle Equitable Distribution?
Illinois is an equitable distribution state, which means marital assets must be divided in a fair manner. “Fair” does not mean “equal.” A judge has broad discretion to divide property in a way that reflects the full picture of the marriage rather than simply splitting everything down the middle.
When determining what is fair, Illinois courts consider a range of factors, including:
- The length of the marriage and each spouse’s contributions over that time
- The economic circumstances of each spouse at the time of division
- Each spouse’s future earning potential and employability
- Contributions to the family that were nonfinancial, such as raising children or managing the household
- The value of the property assigned to each spouse and any relevant tax consequences
Understanding how these factors apply to your situation is where having an experienced divorce attorney makes a real difference. Our team will assess your circumstances and advise you on what a fair outcome realistically looks like in your case.
How Are Businesses And Professional Practices Divided In An Illinois Divorce
Business and professional practice division is one of the most complex areas of Illinois divorce law, and the answer depends heavily on the details of how and when the business was established.
If one spouse started a business before the marriage and was the sole participant in its growth and operations, it may be treated as nonmarital property. However, if the business was started during the marriage or the other spouse made significant economic or noneconomic contributions to its success, it is likely to be characterized as marital property subject to division.
For professional practices such as law firms, medical practices or accounting businesses, a buyout is often the most practical solution. A direct ownership split is typically not available where the practice requires a professional license held only by one spouse. Valuing a business or professional practice accurately requires outside help. We work with forensic accountants and business valuation analysts to establish a defensible value and help you choose the best course of action going forward.
When it comes to complex property division cases more broadly, we draw on a network of professionals, including forensic accountants, private investigators, economists, psychologists and other expert witnesses to make sure every aspect of your case is thoroughly examined.
How Are Retirement Accounts Divided In Chicago?
Retirement accounts opened during the marriage or funded with marital contributions are considered marital property in Illinois. That includes IRAs, 401(k)s and pension plans. Dividing these accounts requires more than a simple agreement between spouses.
Most employer-sponsored retirement plans require a qualified domestic relations order (QDRO) issued by the court before any funds can be transferred to the other spouse. A QDRO allows the transfer to occur without triggering early withdrawal penalties, but it must be drafted correctly and approved by the plan administrator before it takes effect.
How much of a retirement account is subject to division depends largely on the length of the marriage and how much of the account balance was accumulated during that time. Our property division attorneys can walk you through what to expect based on the accounts involved in your case.
What If My Spouse Is Hiding Assets?
Hiding assets during a divorce is illegal. Illinois law requires both parties to fully disclose all assets during the divorce process, and failing to do so carries serious consequences.
Even with offshore accounts, shell corporations or straw arrangements, there is almost always a paper trail. Forensic accountants are trained to follow that trail and surface assets that were intentionally concealed. If we have reason to believe your spouse is not being truthful about what they own, we will bring in those professionals to conduct a thorough investigation.
If hidden assets are discovered, the court may require the offending spouse to pay a portion of those assets to the other party as a penalty, in addition to any other consequences for the dishonesty. Discovery of hidden assets can significantly shift the outcome of a divorce case, which is why acting quickly and working with an attorney who takes this seriously is important.
Property Division FAQs
Illinois divorce law raises a lot of questions, especially when significant assets are involved. Here are answers to some of the ones we hear most often.
- Do I need an attorney?
- What happens to debts in a divorce?
- What happens to the marital home?
- What happens in cases where one spouse was the primary income earner?
- What happens if one spouse refuses to comply with the court-ordered property division?
- What tax considerations should I make when negotiating a divorce settlement?
- How does the discovery of hidden assets affect a divorce case?
- How is deferred compensation split in a divorce case?
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.
What Happens To Debts In A Divorce?
Typically, debts are shared. There are many things to consider when it comes to debt, however, especially how to prevent creditors from seeking one spouse to repay all debts should the other spouse declare bankruptcy, for example. We will assess your debt situation and advise you on the best way to protect yourself, your children and your financial future. If one party has debts and the marriage is annulled, then those debts typically belong only to the person who created them.
What Happens To The Marital Home?
Generally, a shared home is considered jointly owned or “marital” property. However, if one spouse entered the marriage with their name only on the house and with the understanding that the house was their individual property, then the house will not likely be considered marital and the person will retain full ownership. If the house was purchased after the marriage, it will likely be perceived by the court as marital property. Paying a mortgage does not ensure that the house is marital. As every situation is slightly different, we can advise you on your particular asset division matter.
What Happens In Cases Where One Spouse Was The Primary Income Earner?
Here again, it depends on many variables such as the length of the marriage, if there are children, and why one spouse worked and the other did not. Assets are to be divided equitably; this means that, for example, if one spouse worked for 20 years and the other stayed home to raise the children and take care of the home, then it’s likely that the court will award the stay-at-home spouse monetary monthly support as well as a portion of the retirement funds or pension. We will review the details of your marriage and counsel you as to your options and the best way to proceed.
What Happens If One Spouse Refuses To Comply With The Court-Ordered Property Division?
Refusing to follow a court ruling is a way of being in contempt of court, which can have serious consequences. If a spouse refuses to obey a property division order, the court can enforce it through fines and jail time.
What Tax Considerations Should I Make When Negotiating A Divorce Settlement?
When negotiating a divorce settlement, couples should always consider the tax implications. If you have children, you must consider taxes related to child support, dependents and childcare tax credits. Cash and property received from the divorce are not taxable or deductible in a divorce. This means that there is no tax when transferring property between parties. However, assets transferred from a pension or retirement account will be taxed. Any property that either party sells after finalizing the divorce is eligible for tax gains.
How Does The Discovery Of Hidden Assets Affect A Divorce Case?
Hidden assets are a significant problem in high net worth divorce cases. During the divorce process, each party must disclose all of their assets. However, sometimes someone will not reveal everything by mistake or on purpose. At Taege Law Offices, we work with a forensic accountant to ensure that all assets are disclosed. If a spouse is hiding assets, they may be required to pay a share to the other party as a penalty.
How Is Deferred Compensation Split In A Divorce?
Deferred compensation accounts in Illinois are typically considered marital property that must face equitable division. However, withdrawing funds could result in penalties and taxes when splitting the account. Therefore, you may use a Qualified Domestic Relations Order to split the account to avoid penalties.
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.
Chicago Office
Taege Law Offices
744 N Wells St
Ste 200
Chicago, IL 60654-3521
312-667-7706
