How is Property Division Handled in a Chicago area Divorce?

Property division is one of the biggest issues in divorce cases. Even in cases in which couples have not been married long, you may be entitled to significant amounts in any final settlements or divorce orders. Getting the maximum amount you are entitled to plays a key role in divorce recovery. Our Skokie property division lawyers explain more about how these matters are handled in Cook County divorce proceedings.

Marital Property Division: Making an Inventory

Regardless of the circumstances surrounding your marriage or your reasons for filing a divorce, there are certain matters that must be addressed before your divorce can be finalized. One of the most important concerns is marital property division.

When filing for divorce through the Cook County Court, you must provide financial disclosure detailing all marital property and assets you and your spouse possess. This refers to anything earned, acquired, or accumulated over the course of your marriage, such as:

  • Real estate, such as homes, vacation homes, and commercial or rental properties
  • Vehicles, including cars, motorcycles, campers, and boats
  • Household furnishings, including artwork, antiques, and collectibles
  • Hobby items and personal belongings
  • Shares in businesses and online assets
  • Stocks and other investments
  • Money in financial accounts
  • Pensions and other retirement benefits

It is important to make a complete inventory of all marital property you and your spouse possess. Our Skokie area property division lawyers can assist you in listing and valuing these items and in uncovering hidden assets through past tax returns, property records, and other means.

Factors That Influence Skokie Marital Property Division

Under the Illinois Statutes, marital property division is done on an equitable basis. This means that rather than splitting everything evenly between you and your spouse, you are entitled to a fair share based on all the specific details involved in your case. Factors a judge will consider in determining what is “equitable” in property division include:

  • The amount of time you were married
  • Each spouse’s current age and income
  • Their health and ability to provide for themselves
  • The standard of living you enjoyed during the marriage
  • The contributions of each party in regards to acquiring or maintaining marital property and assets
  • Any actions either party may have taken in terms of reducing the value of property or assets (such as damaging property or giving it away)
  • Any other divorce-related agreements the couple may have in place, such as spousal support and child custody arrangements

Our Skokie Property Division Lawyers Help You Get Maximum Compensation

In addition to the complex emotional issues that arise in divorce, recovering financially in the aftermath can pose significant challenges. Getting the maximum amount you are entitled to in terms of property division helps to protect your current lifestyle and your future financial security.

At Gordon & Perlut, LLC., we are here to help. Since 1998, our Skokie property division lawyers have provided the trusted legal guidance our clients need. To request a confidential consultation, call 847-329-0101 or contact us here today.