Chicago Property Division Lawyer
In an Illinois divorce, there’s a lot to consider. One of the biggest issues is dividing assets. In a divorce, property needs to be split based on state law. While many couples do fight over assets, the good news is that an overwhelming majority of cases settle outside of court. Only about 5% require litigation.
States either follow equitable distribution or community property laws. Illinois follows equitable distribution laws. What does that mean? Learn more by contacting a Chicago property division lawyer from Birnbaum Gelfman Sharma & Arnoux, LLC today.
Factors That Determine Property Division
In Illinois, property is not divided 50/50, unlike community property states. What this means is that property is divided fairly, and this could mean a 60/40, 70/30, or other type of split. Judges use a variety of factors to determine how assets and debt should be split in a divorce.
In Illinois, property division is guided by a dozen factors. However, the court cannot consider things such as “marital misconduct,” such as adultery.
The factors that are considered include the following:
- Any prenuptial agreements in place
- How long the marriage lasted
- Each spouse’s age and health
- The occupation of each spouse
- Each spouse’s debts
- Each spouse’s financial needs
- Any obligations from a prior marriage (such as child support or alimony)
- Each spouse’ contributions to the marriage, whether it be positive or negative (spending is considered a negative contribution)
- Potential for future assets (such as an inheritance or business)
- Whether there is alimony involved
- Who gets custody of the children (if any)
- Who gets the marital home
- Tax consequences of the property division
Types of Marital Property
When it comes to marital property, there are often concerns about who gets the home or the pets. In Illinois, there is no rule for determining who gets the marital home. If one person can afford to keep it, then they will likely get it, but they may have to buy out the other spouse’s share. In some cases, the custodial parent may get the home so that they can provide stability to the children.
When it comes to pets, Illinois is just one of a few states that treats them different from other assets. Illinois law requires the judge to consider the animal’s well-being. Like children, pets are subject to sole or joint ownership. The spouses can decide who will be responsible for the pet. If they cannot agree, then the judge will make the decision.
Contact Birnbaum Gelfman Sharma & Arnoux, LLC Today
All divorces require that assets get split. What will you get? What happens if you and your spouse are not in agreement?
The experienced lawyers at Birnbaum Gelfman Sharma & Arnoux, LLC can answer your questions about splitting assets and will work hard to get you the outcome you desire. Schedule a consultation with a Chicago property division lawyer today. Call (312) 863-2800 or fill out the online form.
