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Chicago Property Division Attorneys

Property division is a major issue that must be resolved when filing for a divorce in Illinois. Getting your fair share in a settlement plays an important role in your divorce recovery. At the Women’s Divorce & Family Law Group, we help ensure you get your fair share. 

Recognized as one of the Best Family Law Firms by the American Institute of Family Law Attorneys, we are dedicated to protecting women’s rights and have been featured in national publications.

You can count on us to provide the trusted legal representation you need. To request a consultation, call or contact our Chicago-area divorce attorneys online today. 

Our Chicago Area Divorce Attorneys Explain Marital Property Division in Illinois

When dealing with property division and other important divorce-related matters, you need an experienced Illinois divorce attorney on your side. Under the Illinois Statutes (750 ILCS 5/503), all property and assets earned, acquired, or otherwise accumulated over the course of your marriage are divided on an equitable basis. This means that rather than splitting everything 50/50, the goal is to reach a fair and reasonable arrangement. Factors that influence the amount you may be entitled to in property division include: 

  • The length of your marriage;
  • Each party’s income and individual assets;
  • Your role in acquiring or maintaining the marital property;
  • Any dissipation of marital property on the part of your spouse, such as giving away assets or squandering them through affairs or addictions. 

Marital Property Subject to Equitable Division

When filing for a divorce through the Cook County Circuit Court or other jurisdictions throughout Illinois, you will be required to submit an inventory of all marital property and assets. It is important to be thorough in creating this inventory, as it will impact your rights throughout your divorce and in property division proceedings. 

At the Women’s Divorce and Family Law Group, our Illinois divorce and property division attorneys guide you through the process. The following are key items to include: 

  • Homes, land, commercial real estate, and other real property;
  • Cars, motorcycles, boats, and other recreational vehicles;
  • Household belongings, including furniture, artwork, and antiques;
  • Collectible items, such as guns, stamps, and coin collections;
  • Personal items, such as furs and jewelry;
  • Business interests, including websites and online sales;
  • Money in financial accounts, as well as any stocks or investments;
  • Pension benefits and assets in 401ks or other retirement accounts. 

Request a Consultation With Our Illinois Divorce and Property Division Attorneys Today

You can count on The Women’s Divorce and Family Law Group to guide you through marital property division and other important divorce-related proceedings. For help in getting the maximum amount you are entitled to in your divorce settlement, call or contact our Illinois divorce and property division attorneys online and request a consultation today.

FAQs About Chicago Property Division

What Happens to Our House in a Divorce?

Your home will be divided under Illinois’ equitable distribution laws, resulting in a fair arrangement rather than an automatic 50/50 split. You have several options:

  • One spouse keeps the house and buys out the other’s share
  • Sell the home and divide the proceeds
  • Continue joint ownership temporarily

Factors such as your children’s needs, your financial situation, and who contributed to the mortgage payments will influence the decision.

Will I Be Stuck Paying for My Spouse's Student Loans After Divorce?

Generally, student loans taken before marriage remain the borrower’s responsibility. However, loans acquired during marriage may be considered marital debt. Key factors include:

  • When the loans were obtained
  • Whether the education benefited the marriage
  • How loan funds were used

Illinois courts examine each situation individually to determine fair allocation.

How Do I Protect Myself Financially in a Divorce?

Start by gathering all financial documents and creating a complete inventory of assets and debts. Important steps include:

  • Opening individual bank accounts
  • Documenting all marital property
  • Monitoring joint accounts for unusual activity
  • Understanding your credit report
  • Seeking legal guidance early in the process

Working with a skilled attorney is crucial to protecting your interests throughout divorce proceedings.

Can We Decide How to Divide Property Ourselves Without Going to Court?

Yes, couples can reach agreements through alternative methods like mediation or collaborative law. These approaches often save time and money while allowing more control over outcomes. Any agreement must be:

  • Fair and reasonable
  • Properly documented
  • Reviewed by attorneys
  • Approved by the court

Many couples successfully resolve property division through negotiation rather than litigation.

Can Property Division Be Modified After the Divorce Is Finalized?

Property division orders are generally final and cannot be changed. Unlike child support or custody arrangements, asset division creates permanent transfers of ownership. Limited exceptions may apply in cases involving:

  • Fraud or hidden assets
  • Significant legal errors
  • Failure to comply with court orders

Time limits apply for challenging property division, making prompt action critical if issues arise.

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