Property Division In An Illinois Divorce
One of the most common questions that arises in divorce cases is “who gets what?”. At the end of the marriage, couples often have a variety of property and assets that must get divided in the dissolution proceedings, including everything from properties and homes to cars, electronics, and jewelry, and even family pets. Property division may seem like a daunting and complex legal puzzle, on top of the emotional strain of divvying up items acquired and shared during the marriage. However, property division is an important and often controversial topic in a divorce that cannot be overlooked or understated.
Property Division Laws: Equitable Distribution
Illinois is what is referred to as an equitable distribution state. The Illinois Marriage and Dissolution of Marriage Act defines what is considered “marital property.” Under the Act, property acquired during the marriage is deemed to be “marital property”, however there are many exceptions. For example, gifts to one spouse, property acquired in exchange for property acquired by one spouse before the marriage, and property acquired before the marriage are not “marital property” under the Act. It’s important to note that in Illinois, like most states, debts, as well as assets, may be deemed to be “marital property” and divided between spouses. In Illinois, typically during dissolution proceedings, marital property is divided equitably, but not necessarily equally.
Chicago Property Division Lawyer
Property division law and how to divide property are complex issues that inevitably come up during a dissolution proceeding. An experienced and skilled Chicago divorce and property division lawyer can help you navigate property division issues in your divorce case. The lawyers at Birnbaum, Gelfman, Sharma & Arnoux are experienced Chicago property division lawyers who are here to help divorcing spouses understand their rights and options. Contact our office today to speak to a lawyer and see if we can help.