Our Valuation And Equitable Division Of Marital Assets
If you go through a divorce, your property will generally be classified as one of two types: marital property or non-marital property. Marital property is subject to equitable division with your spouse. Non-marital property is yours to keep — at least in theory.
Unfortunately, the line between marital and non-marital property can become blurred in Illinois. For example, placing non-marital property into some kind of co-ownership may transmute the property to marital. You may also be responsible for a share of your spouse’s debts. Only a highly qualified divorce attorney can advise you about how a family law judge might classify your debts and assets.
For the experienced representation you require, contact Lake • Toback • DiDomenico in Chicago. We are prepared to expertly manage any marital property division issue that may arise in your divorce. Our attorneys excel at handling high-asset divorce cases involving assets such as retirement benefits, trusts and businesses.
What Is Marital Property In Illinois?
Marital property typically includes property acquired during your marriage, with limited exceptions. Debts acquired during your marriage may be considered marital, even if the debt was accumulated by one partner without the knowledge of the other.
Assets accumulated before your marriage are generally considered non-marital property. Gifts and inheritances are also considered non-marital property, even if acquired during marriage. However, there are some important exceptions:
- Non-marital property such as a home or a business can have a marital property component if the spouse contributed to it during the marriage.
- Non-marital property can become marital property if it is commingled with marital property.
Given the significant discretion that courts have in dividing marital property, it is critical that you have a skilled divorce lawyer who can negotiate a favorable agreement on your behalf or, if necessary, make a compelling case on your behalf at trial.
Speak With An Asset Distribution Lawyer
Lake • Toback • DiDomenico is located in the heart of Chicago’s Loop. Our office is five blocks west of Lake Shore Drive and 10 blocks east of I-90/94, at the southeast corner of Washington and Dearborn streets. To contact our attorneys, call 312-288-8985 or contact us by email.