Property Division Basics with a Chicago Family Law Attorney

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 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 gun, stamp, 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.