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Chicago Property Division Lawyer

Chicago Property Division Lawyer

An important element of every divorce is the division of marital property. This is true whether you and your spouse amassed great wealth or lived a much more modest lifestyle over the course of your marriage. Obtaining the property and assets you are entitled to in your divorce can obviously have important implications for you and your children’s financial future. If you have concerns about property division and divorce, consult with an experienced Chicago property division lawyer today. 

Your Marital Property

Marital property generally refers to those assets and that property that you and your spouse acquired together as a married couple – regardless of whose name the property is in. And this is just as true for assets as it is for debts. If, for example, either you or your spouse (or both of you together) started a business during the course of your marriage, that business is probably marital property. Conversely, any property that either of you brought into the marriage will usually remain separate property.  

Examples of marital property can include:

  • Personal property like cars, jewelry, and other possessions of value
  • Real estate (the family home is often a couple’s most valuable property)
  • Collectibles
  • The value of a business begun during the marriage

Determining the actual value of all your marital property is critical to your ability to obtain a division of marital property that protects your rights. 

The Court’s Temporary Orders 

Once you’ve filed for divorce, it can take months – and even years – for it to be finalized. In the interim, the court will generally provide temporary orders that set regulations for how your marital property should be preserved. The court recognizes that an unscrupulous spouse may attempt to dispose of marital property before the divorce is finalized, and as such, both of you will be ordered not to do any of the following:

  • Sell any marital assets without the permission of the court
  • Allow marital property to be put at unreasonable risk of being destroyed or stolen 
  • Donate or gift marital property to family or friends
  • Destroy marital property

If your spouse fails to adhere to these temporary orders, he or she could face contempt charges, but the court can also use its vast discretion to penalize your spouse during the division of property itself.   

Contributing Factors

The courts will take several important factors into consideration regarding how your marital assets should be divided upon your divorce, including: 

  • You and your spouse’s personal contributions to your marital acquisitions and/or to their increase in value
  • The value of each marital asset
  • The economic circumstances each of you separately experience
  •  Any agreement reached between you and your spouse (a prenuptial agreement for instance)

Consult with an Experienced Chicago Property Division Lawyer Today

The fair division of marital assets is critical to every divorce, and the experienced Chicago property division lawyers at The Law Offices of George M. Sanders are committed to helping you obtain a division that protects your rights. Your case is important to us, so please don’t hesitate to contact us for more information today.

Contact Our Illinois Divorce & Custody Law Firm Today

You will find our attorneys to be flexible, responsive, and ready to begin providing exceptional representation to protect your rights and your best interests immediately. Call our law office now at 312-624-7645 to schedule a consultation about your family law needs at no initial charge.

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