Dedicated Help With The Division Of Property
One of the biggest and most contentious aspects of any divorce involves the division of property. Individuals often assume that the assets they have acquired on their own are rightfully theirs. However, if the asset is acquired during the marriage it is presumed to be marital property and the state of Illinois requires that property be divided equitably, although not necessarily equally. At Yavitz & Levey, LLP, our Chicago property division lawyers can help guide you through this process and work toward a result that is fair under the confines of the law.
We can help answer all questions you may have regarding property division. Call 312-924-4400 to schedule an initial consultation to discuss your situation.
Things The Court Will Take Into Consideration
An equitable division of property is another way of saying that property will be divided fairly. While this may work out to a 50-50 split, the law does not require a 50-50 division. Our Cook County asset division lawyers will thoroughly review your case to let you know what types of property will be subject to division. There are a number of factors that the court will take into consideration when making an equitable determination for property division, including:
- The length of the marriage
- The ability of each spouse to earn future income
- The amount each spouse contributed to the acquisition of marital property
- The value of services a homemaker or primary child caregiver provided to the marriage
- The health and age of each spouse
- Whether nonmarital property was used to acquire marital property
- Whether a spouse dissipated marital property
In addition to physical assets such as real estate and automobiles, retirement benefits such as IRAs, 401(k)s and pensions are subject to division as well. These can prove to be significant assets, particularly in high net worth divorce cases. It is important to ensure that these benefits are accurately valued and determine whether significant contributions were made to a plan prior to the marriage.
What You Should Bring To Your Initial Interview
Prior to your initial interview with the attorneys at Yavitz & Levey, LLP, it is important to make a list of all of your assets and liabilities. It is also helpful to provide us with tax returns and paycheck stubs. This allows us to give you an accurate picture of how your property is likely to be divided and provide you with any potential options for protecting your valuable assets. We can also let you know what terms of any prenuptial or postnuptial agreements are likely to be enforced.