• Locations
    • Chicago Office 77 W. Wacker Drive, 45th Floor, Chicago, IL 60601
    • Lake Forest Office 100 Saunders Rd., Suite 150 Lake Forest, IL 60045
    • Lisle Office 3333 Warrenville Rd.,Suite 200 Lisle, IL 60532
CALL FOR A FREE CONSULTATION
312-445-8830

Four Key Issues in Divorce and Marital Property Division

Real estate agent is holding small house in hand.

Going through a divorce can be devastating. In addition to the emotional fallout, there are important practical matters that need to be dealt with in terms of marital property division. These can impact your overall wellbeing and your financial security for years to come. Knowing what to expect and what you may be entitled to can ensure that you get the most out of any resulting property settlements.

Assets to Which You May be Entitled in Marital Property Division

Under the Illinois Compiled Statutes (750 ILCS 5/503), marital property earned, acquired, or otherwise accumulated during your marriage is divided on an equitable basis in your divorce. The following are four key areas that will need to be addressed:

  1. Real Estate and Homes

If you have sentimental attachments to the property or have children, you may be permitted to remain in your family home. The value can be negotiated against other property and assets, but you need to consider whether your income alone affords the costs. Other property to consider before agreeing to a settlement includes the current and future value of vacation homes and rental properties, along with time shares and memberships in country clubs.

  1. Jointly Owned Personal Property

While you may be eager to start over after your divorce and may not want personal items such as furnishings or household items, it is important to consider what your costs will be in terms of replacing them. Also important is to consider the value of items such as antiques and artwork, which may be worth considerably more than what you originally paid for them.

  1. Interests in Businesses

If you and your spouse own a business together, you will want a current valuation that factors in current earnings and inventory, along with projected future profits. If your spouse owns a business either individually or in a partnership, paid or unpaid work you did and investment made with marital funds could entitle you to a portion of it.

  1. Retirement Accounts

If you have been married for a significant amount of time, it is important to not overlook money in a 401k or other accounts, along with any other pension benefits to which you would have been entitled. The Internal Revenue Service (IRS) advises that it is not enough to simply agree to divide these funds in your settlement. The judge will need to issue a Qualified Domestic Relations Order (QDRO).

Our Chicago Divorce Lawyers are Here to Assist

 

With our reputation as being among the best family law firms in Chicago, the Women’s Divorce and Family Law Group is here to help you get what you are entitled to in your divorce settlement. Contact our Chicago divorce lawyers and request a free consultation today.

There are many factors to consider when contemplating divorce, and a pre-divorce planning session can help you begin to plan for a divorce. Please contact the professionals at the Women’s Divorce & Family Law Group by calling (312) 585-6604 or clicking here to schedule a consultation.

POSTS FROM THE SAME CATEGORY

Previous Client Experience

CLIENT QUOTE

“When I needed a family lawyer, I trusted the Women’s Divorce & Family Law Group and you can too.” Dr. Debra Thomas – Orthopedic Surgeon – 1988 U.S. Olympic Bronze Medalist”

Debbie Thomas

Schedule An Appointment With One Of Our Caring Lawyers

Women's Divorce & Family Law Group by Haid & Teich Chicago Divorce Lawyers

Contact Information

Downtown Chicago/Loop Office
Fax:312-283-8636
Lake Forest Office
Fax:312-283-8636
Lisle Office
Fax:312-283-8636
Lake Forest Office

100 Saunders Rd.
Suite 150

Lake Forest, IL 60045

Lisle Office

3333 Warrenville Rd.
Suite 200

Lisle, IL 60532

Downtown Chicago/Loop Office

77 W. Wacker Drive
45th Floor

Chicago, IL 60601

Copyright 2018 | Women’s Divorce & Family Law by Haid and Teich LLP. | NUVEW All rights reserved

Attorney Advertising. This information is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Past results and testimonials are not a guarantee, warranty, or prediction of the outcome of your case, and should not be construed as such. Past results cannot guarantee future performance. Any result in a single case is not meant to create an expectation of similar results in future matters because each case involves many different factors, therefore, results will differ on a case-by-case basis.