Few issues in a divorce can be as contentious as property division because both spouses may have assets or property they believe are theirs but could be at risk of losing. It is important for all divorcing spouses to understand that Illinois is known as being an equitable division state, which means that marital property is not divided 50/50 but is instead apportioned by a court based on the current and future needs of each party.
Brinkmeier Law, LLC regularly handles all kinds of complex property division cases in Illinois, and we know how to help people preserve the property that is most important to them. Our firm assists clients with property division issues in communities throughout Cook County, DuPage County, Will County, Lake County, and McHenry County.
Courts decide how to divide marital property based on Illinois state law. Under 750 Illinois Compiled Statute (ILCS) § 5/503, marital property is defined as meaning all property, including debts and other obligations, acquired by either spouse subsequent to the marriage.
Non-marital property includes any property acquired by gift, legacy or descent, property acquired in exchange for property acquired before the marriage, property acquired by a spouse after a judgment of legal separation, property excluded by valid agreement of the parties, any judgment or property obtained by judgment awarded to a spouse from the other spouse, property acquired before the marriage, all property acquired by a spouse by the sole use of non-marital property as collateral for a loan that then is used to acquire property during the marriage, the increase in value of non-marital property, income from property acquired by a method listed above if the income is not attributable to the personal effort of a spouse.
The factors that determine how property should be split will include:
Many people who think they have an asset that is non-marital property can be surprised to learn about commingling, which involves non-marital property becoming marital property. When one spouse owns a home both spouses live in throughout their marriage, it can become marital property.
Are you currently in the midst of a major dispute about property division relating to your divorce in Illinois? You should know that you do not have to handle these issues on your own, and Brinkmeier Law, LLC, will know how to fight to help you get the most favorable possible outcome to your case.
Our firm knows how important property division issues can be for many people, so we work closely with our clients to ensure that we are protecting all of the items that are most important to them. Call (312) 291-4486 or contact us online to schedule a free consultation with our Illinois property division attorney.