Your Chicago Divorce Questions Answered: Will the Judge Split Our Property Down the Middle?

One of the most common questions individuals considering or facing divorce in Chicago ask at the beginning of a divorce is whether everything will simply be split “fifty-fifty.” The reality is that the answer is not always straightforward. Illinois follows a system known as equitable distribution. This means that marital property is divided fairly in Chicago, but not necessarily equally. An experienced Chicago divorce lawyer can help you understand how this legal standard may apply to your specific circumstances.

Marital and Non-Marital Property in a Chicago Divorce

In a Chicago divorce case, the court typically first determines what qualifies as marital property and what is considered non-marital property. Marital property generally includes assets and debts acquired by either spouse during the marriage. This may include income, retirement accounts, real estate, vehicles, and even certain business interests. Non-marital property typically includes assets owned before the marriage, inheritances received individually, and certain gifts.

The Difference Between Equal and Equitable

Many divorcing individuals in Chicago assume that equitable distribution means an automatic even split. In reality, Chicago courts consider a variety of factors when dividing property. These factors may include the length of the marriage, each spouse’s contributions to the marriage, the value of the property involved, and each party’s economic circumstances at the time of the divorce.

For example, if one spouse stayed home to raise children while the other built a career, the court may consider those non-financial contributions when determining what is fair. Similarly, if one spouse has significantly greater earning capacity, the division of property may reflect that imbalance. An experienced Chicago divorce lawyer can evaluate how these factors might influence the outcome of your case.

What Happens to the Family Home and Retirement Accounts?

Two of the most contested assets in Chicago divorce cases are the marital home and retirement accounts. In Chicago divorce cases, the court may award the home to one spouse, order it to be sold and the proceeds divided, or structure another arrangement that is considered equitable. Retirement accounts accumulated during the marriage are often subject to division as well, even if they are held in only one spouse’s name.

Proper valuation of assets is critical. Without accurate information, it can be difficult to ensure a fair outcome. An experienced Chicago divorce lawyer can work to identify and value marital property and help negotiate or litigate for a division that protects your interests.

How a Chicago Divorce Lawyer Can Help Protect Your Rights in Your Divorce

There is no doubt that the outcome of a property division determination in a Chicago divorce case can have long term financial consequences. Decisions made during a divorce may impact your housing situation, retirement security, and overall financial stability for years to come. As such, having experienced legal representation can help ensure that your rights are protected and that all relevant factors are presented clearly to the court.

If you are facing divorce in Chicago and you have questions about how your property may be divided, do not navigate the process alone. Contact the experienced Chicago divorce lawyers at the law firm Arnoux Sharma Standeford, LLC. Contact Arnoux Sharma Standeford, LLC and speak with an experienced Chicago divorce lawyer now.

Source:

ilga.gov/documents/legislation/ilcs/documents/075000050k503.htm