Property Division and Financial Settlements

Sorting through the complexities surrounding how marital property will be divided requires the legal skill and persistence of a Chicago family law attorney who has seen it all. Kevin Rosner will help evaluate marital property and alleged non-marital property to ensure that you come out of your divorce with a fair and equitable financial settlement.

Illinois is an equitable division state. Equitable doesn’t mean equal. As stated in the Illinois Marriage and Dissolution of Marriage Act, marital property refers to any property obtained by either spouse after their marriage. Non-marital refers to property owned prior to the marriage and increases thereto, property obtained by gift, legacy or descent; in exchange for property acquired before the marriage or in exchange for property through gift, legacy, or descent; property accumulated by a spouse after a judgment of legal separation; property specifically excluded by a legal agreement between the individuals through either a settlement, decree, or nuptial agreement; property attained before the marriage; and any judgment or property acquired by judgment given to one spouse from the other.

The court is responsible for assigning each spouse’s non-marital property and will split the marital property without taking martial misconduct, such as adultery, into consideration. The just proportions of property will be divided based on many factors. Each individual’s contribution to the acquirement, maintenance, or increase or decrease in value of the marital or non-marital property is examined when establishing property division. Assessing paperwork and evidence in addition to devising a strong argument is often needed to prove these distinctions as well as many other matters that the court examines when dividing assets.

Property will also be divided based on the use or ownership of marital or non-marital property by each party. Several other factors that influence the division of property relate to the value of the property given to each spouse; the marriage’s duration; pertinent economic circumstances of each spouse; rights and obligations from a prior marriage; ante-nuptial agreements; each individual’s age, health, station, occupation, income amount and source, vocational skills, employability, estate, liabilities, and needs; custodial requirements for children; property assigned in addition to or instead of spousal maintenance; practical opportunity of each spouse for potential attainment of capital assets and income; and, tax consequences of property division on the separate economic circumstances of each individual.