In Illinois, property disposition includes furniture, cars, bank accounts, investment portfolios, retirement savings, stocks and other assets. Two types of property in Illinois are nonmarital property, acquired prior to the marriage, and marital property, acquired during the marriage, regardless of who earned the income or the name is listed on the asset.
Unlike some other states, Illinois law requires that all marital property be divided “equitably,” not “equally.” To determine what is equitable, the judge will consider the financial circumstances of each party.
Classification And Identification
In an Illinois divorce, property acquired during marriage is classified as marital property and is subject to equitable division. Likewise, debt taken on during the duration of the marriage will also be divided between the divorcing parties. The experienced family law Attorneys at The Law Offices of Christopher D. Edmonds, Ltd., are knowledgeable about identifying all dividable assets, including:
- Real estate
- Retirement accounts and investments
With your financial future at stake, we make sure that you get your fair share of assets and property. It is essential to begin identifying marital assets early in the divorce process, so all applicable property is known before negotiation begins. Our highly-rated family law firm will work hard to protect your interests now and in the future.
Often, divorcing spouses and their lawyers work out a marital settlement by agreement. However, if that is not possible, Attorney Christopher D. Edmonds’ experience as an Assistant State’s Attorney for Cook County makes him exceptionally capable at litigating all aspects of your case, coupled with Attorney Flanagan’s knowledge of the law. The Law Offices of Christopher D. Edmonds, Ltd., is the team you want on your side!
Get In Touch Today
The complex nature of property division can be confusing, but we are here to help. We will give peace of mind to our clients from Cook, DuPage, Will and Kane counties. Call The Law Offices of Christopher D. Edmonds, Ltd., at 708-562-9880 or get in touch online to schedule an initial consultation today.