Property Division And Equitable Distribution In Divorce
Property division is a critical aspect of any divorce settlement and can have a significant impact on your financial security. An experienced divorce attorney can help you understand your rights, explain what to expect in the matter of distribution and ensure the protection of your rights.
For the experienced representation you require, contact the Chicago-based firm of Lake • Toback • DiDomenico. Our attorneys understand the importance of an accurate valuation of marital assets and how to achieve a fair valuation.
Expert Management Of Property Division Issues
We are prepared to expertly manage any property division issue that may arise in your dissolution, including:
- Marital vs. nonmarital property – Resolving property characterization disputes such as what constitutes marital vs. nonmarital assets is common
- Retirement assets – Skilled division of retirement and investment accounts
- Stock options – Evaluation of unexercised stock options
- Trusts – Evaluation of trusts in divorce
- Business valuations – Business valuations and divisions
- Hidden assets – Uncovering hidden assets and the need for forensic accounting
- Real estate valuations – Valuation and division of real estate, including the marital home, vacation homes and investment properties
- Farm valuations – Valuation of the farm land, equipment, options and futures
- Personal property division – Division of personal property, including arts, collectibles and antiques
- Debts – Allocation of responsibility and equitable distribution of debt in divorce
Our attorneys excel at handling high-asset divorce cases involving complex property division, financial strategies, business valuations and tax issues. Our attorneys are known for their representation of high net worth individuals and their spouses, sports figures, celebrities, business owners and other professionals. We also represent everyday people from all walks of life. We are committed to providing the same high-quality service to each of our valued clients.
How Property Division Works In Illinois
Illinois is an equitable division state, meaning that marital assets and debts are divided equitably between spouses. Property acquired during a marriage is typically classified as marital property, with limited exceptions. Nonmarital property includes property acquired by a spouse prior to a marriage and limited property acquired during a marriage, including property acquired by gift or inheritance.
The term equitable means fair or just. While a court may divide marital property on an equal 50/50 basis, equitable division does not require an equal 50/50 split. Given the significant discretion that courts have to divide property, it is critical that you have a skilled divorce lawyer who can negotiate a favorable agreement on your behalf or make a compelling case on your behalf at trial.
Put Our Skilled Advocates To Work For You
Our partner attorneys, Steven R. Lake, Michael DiDomenico and Sean Hamann, bring to each case decades of combined experience in matrimonial law. Each of our attorneys is committed to providing the skilled and experienced representation you require.
Legal Services Tailored To Meet Your Needs
To ensure the most favorable outcome in your case, we will take the time to listen to you, understand your objectives and put in place legal measures with your needs in mind. Our attorneys work closely with clients to provide highly personalized, accessible and responsive representation.
We understand that each client and each case is unique. While some clients may be focused on receiving an award of the marital home, other clients are more concerned about liquid assets, such as investment or savings accounts. Still others may be most concerned about the valuation of real estate or a family-owned business. Our attorneys will identify your objectives and work diligently to seek a division of the marital estate that best suits your needs.
Get Our Legal Services
Ask us more about asset division and what it may look like for you. Lake • Toback • DiDomenico is located in the heart of Chicago’s Loop. Our office is five blocks west of Lake Shore Drive and ten blocks east of I-90/94, at the southeast corner of Washington and Dearborn streets. Call 312-288-8985 or contact us by email.