Division of marital property and assets is one of the most important issues in divorce and has the potential to impact you for years into the future. At Women’s Divorce and Family Law Group, our Chicago divorce attorneys break down the process of classifying and dividing marital property into four easy-to-follow steps.
Marital property division concerns your rights regarding any property or assets earned, acquired, or accumulated over the course of your marriage. Under the Illinois Statutes, marital property is divided on an equitable basis, meaning that rather than splitting everything equally between you and your spouse, a variety of factors are considered before reaching a settlement or final court order. Even in relatively uncomplicated divorce proceedings, marital property division can be complex. The following are four important steps to follow in this process:
Make a complete inventory of all property and assets you and your spouse possess. This includes anything owned individually, as well as items owned as a couple. This includes homes, land, cars, furniture, antiques, artwork, jewelry, or other collectibles, as well as money in financial accounts, shares in businesses, inheritances, and retirement benefits.
Once you have a complete inventory of all property, you will need to make note of when and how it was acquired. Marital property division only applies to those items accumulated during the marriage and certain assets, such as individual inheritances, are excluded. However, if funds were commingled in joint accounts or you contributed to your spouse’s premarital business, you may be entitled to a share.
It is important to get an accurate estimate of all pre and post-marital property, as this will factor into any marital property settlement or final order. In addition to the current value, consider what the item might be worth in the future.
Once you have an accurate estimate of all marital property, you can consider factors that may influence how it will be divided. For example, if your spouse has a special collection, they may be willing to trade other items with you. Consider whether you can afford to maintain certain items, such as the family home, and Internal Revenue Service tax implications, such as with retirement benefits.
For trusted legal guidance in classifying and dividing marital assets in a divorce, reach out to Women’s Divorce and Family Law Group. Contact our Chicago divorce attorneys and request a 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.
“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”
100 Saunders Rd.
Lake Forest, IL 60045
3333 Warrenville Rd.
Lisle, IL 60532
77 W. Wacker Drive
Chicago, IL 60601
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. By providing certain contact information herein, you are expressly authorizing the recipient of this message to contact you via the methods of communication provided.
How did we do?
Note: Your review may be shared publicly.