Divorce is undoubtedly a challenging and emotionally charged experience. Amidst the emotional turmoil, property division often emerges as a critical aspect that requires careful consideration. At NextLevel Law, P.C. by Daniel R. Hernandez, Esq., we understand the complexities surrounding property division during a divorce in Chicago, and we can provide effective guidance and legal representation to ensure that these issues will be handled correctly during your case.
Understanding Property Division Laws in Chicago
Divorce laws and regulations vary from state to state, and Illinois has its own unique set of guidelines governing property division. The state’s laws follow the principle of equitable distribution. Marital assets and debts are divided in a manner that is fair, but the division does not necessarily need to be equal.
Identifying Marital vs. Non-Marital Property
One of the first steps in property division involves distinguishing between marital and non-marital property. Marital property generally includes assets acquired by either spouse during the course of the marriage, whereas non-marital property typically encompasses assets acquired prior to the marriage, as well as inheritances and gifts that were specifically designated for one spouse.
Factors Considered in Equitable Distribution
When dividing marital assets, the court takes various factors into account to determine an equitable distribution. These factors may include the duration of the marriage, contributions made by each spouse, the economic circumstances of each spouse, and the potential for future earning capacity. As you work to address issues related to your marital property, it is essential to consult with an experienced Chicago property division attorney who can advocate for your rights and help you negotiate a fair settlement.
Valuing and Dividing Financial Assets
Dividing financial assets, including bank accounts, investments, retirement accounts, and business interests, requires a comprehensive understanding of the value of different forms of property and the implications of ownership of different assets. Our team can assist in accurately valuing marital assets, ensuring that you can achieve an equitable division that aligns with your long-term financial goals.
Dealing With Debts During Divorce
Property division not only involves dividing assets, but it also entails addressing marital debts. Any debts accrued by either spouse during the marriage, such as mortgages, credit card debts, and other types of loans, must be properly allocated between spouses. Our skilled attorneys possess the knowledge and negotiation experience to help you navigate this aspect of property division effectively.
Contact a Chicago Property Division Lawyer
Our experienced attorneys will assist you in navigating the difficult and emotional process of distributing your marital possessions during your divorce. Our objective is to help you achieve an outcome that will meet both your short-term and long-term financial needs. From our Chicago office, we provide services to clients throughout Cook County, DuPage County, and Will County. To schedule a complimentary, private meeting with an experienced Cook County asset division attorney, call 312-442-2225 today.