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How To Get A Fair Property Settlement During Chicago Divorce

Dividing property during a divorce can feel overwhelming, especially when emotions run high and financial stakes are significant. In Illinois, property division follows the principle of equitable distribution, meaning assets are divided fairly but not necessarily equally. Achieving a fair property settlement in your divorce case requires understanding your rights, knowing what constitutes marital property, and having an attorney evaluate your financial situation. As a Chicago divorce attorney, I am here to guide you through this challenging legal process and make sure that your interests are protected.

Illinois divorce law, governed by the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/503 et seq.), categorizes property as either marital or non-marital. Marital property includes most assets acquired during the marriage, regardless of whose name is on the title. Non-marital property, owned prior to the marriage, typically remains with the individual spouse. Inheritances are an example of non-marital property. Properly identifying and valuing these assets is crucial for a fair settlement.

Understanding Equitable Distribution In Illinois

Illinois courts consider several factors when dividing marital property. These include the length of the marriage, each spouse’s financial contributions, and the economic circumstances of both parties. Equitable distribution does not always mean a 50-50 split. For instance, if one spouse contributed significantly more to the household income or if there is a disparity in earning potential, the division might reflect those circumstances.

Steps To Protect Your Interests

  1. Identify And Value Assets – Make a complete list of all marital and non-marital assets, including real estate, bank accounts, retirement funds, and personal property. Accurate valuations ensure a fair division.
  2. Gather Financial Documentation – Collect financial records such as tax returns, bank statements, and investment account summaries. These documents provide a clear picture of your financial situation and prevent surprises during negotiations.
  3. Consider Debts – Marital debts, like credit card balances or mortgages, are also divided during divorce. Understanding the total debt and its allocation is an essential part of the settlement process.
  4. Negotiate With Long-Term Goals In Mind – Focus on the bigger picture. While it’s natural to have emotional attachments to certain assets, a fair settlement often involves compromise to achieve long-term financial stability.
  5. Rely On Legal Guidance – A divorce attorney can help identify hidden assets, evaluate offers, and negotiate on your behalf to secure a fair outcome.

Illinois Divorce Frequently Asked Questions

What Is Considered Marital Property In Illinois?

Marital property includes assets acquired by either spouse during the marriage, such as income, real estate, vehicles, and retirement accounts. Non-marital property, like inheritances or gifts specifically given to one spouse, is generally excluded from division under 750 ILCS 5/503 et seq.

Can A Prenuptial Agreement Affect Property Division?

Yes, a valid prenuptial agreement can dictate how certain assets and debts are divided during a divorce. Illinois courts generally enforce prenuptial agreements as long as they meet legal requirements and are entered into voluntarily.

How Does Child Custody Affect Property Settlements?

While child custody does not directly impact property division, the custodial parent may receive assets like the family home to provide stability for the children. Courts consider the best interests of the child under 750 ILCS 5/602.7 et seq.

What Happens If My Spouse Hides Assets During The Divorce?

Hiding assets is illegal and can result in severe penalties. If you suspect your spouse is concealing assets, your attorney can request a forensic accountant or court intervention to uncover hidden property.

Can A Property Settlement Be Changed After The Divorce Is Finalized?

Property settlements are generally final once approved by the court. However, if fraud or a significant mistake occurs, you may be able to request a modification. Consult an attorney immediately if you believe your settlement was unfairly influenced.

Call Our Hinsdale Divorce Attorney For Exceptional Legal Help

Securing a fair property settlement during a divorce is critical to protecting your financial future. At Dan Walker Law Office, we are dedicated to helping you achieve an equitable resolution while reducing the stress of the process. Whether you’re dividing assets, negotiating spousal maintenance, or addressing custody concerns, we are here to provide the legal guidance you need.

Contact our Hinsdale divorce attorney at Dan Walker Law Office at 630-920-8800 to receive your free consultation. With our office located in Hinsdale, Illinois, we proudly serve clients throughout the Chicagoland metro area. Let us help you protect your interests and move forward with confidence.

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