Cook County Property Division Lawyer
Equitable Distribution Attorney Serving Cook, Will & Lake Counties
The divorce process calls for making decisions about many areas of your life. One of those areas is your marital property and debt. Depending on your situation, this can be a relatively simple or an extremely complex matter. If you have been married for a short time, chances are you and your spouse have little to divide. However, couples with longer marriages may have accumulated a wide range of assets from real estate to stock portfolios and more. Dividing these assets along with allocating debt responsibilities can be a painstaking, difficult, and highly-emotional issue, especially where couples are already in conflict.
At Bell Law Group, we understand how challenging it can be to lose property and assets that may have taken you years to acquire and to which you may have become emotionally attached. It can feel like your entire financial future is at stake. At such a time, having the steady hand, knowledge, and support of our family lawyer can make all the difference in how your property division issue is resolved. We can work to ensure that your legal rights and best interests are aggressively pursued whether through negotiation or in court. Our overriding aim is help you conclude your divorce with positive results that will allow you to move forward with safety, confidence, and peace of mind.
Talk to our Cook County property division attorney about your case by calling Bell Law Group at (708) 304-9080 or submitting your contact details online.
How Is Marital Property Divided in Illinois?
Marital property in Illinois is divided according to the rule of “equitable distribution.” This means that the division is done in as fair and reasonable a manner as possible. This does not necessarily mean that the split will be even. If you and your spouse can reach a property settlement on your own outside of court, your agreement can be submitted to the judge.
If you and your spouse cannot reach an agreement, the judge will make a ruling after listening to evidence from both sides. Judges will review many factors when deciding this issue.
These can include but are not limited to:
- The length of the marriage
- What each party contributed to the marriage including homemaker contributions
- Value of the property assigned
- Whether either party wasted marital funds or assets
- Economic circumstances of both parties
- Whether alimony is to be awarded and if so, the amount and duration
- Child custody and how it relates to the marital home
- Whether a valid prenuptial or post-nuptial agreement exists
Marital property basically consists of all the assets you and your spouse have acquired since you got married. Separate property is not divided in divorce. It consists of property you owned prior to the wedding that was in your name only. Separate property can also include any inheritances or gifts given to you only during the marriage. However, the commingling of separate and marital property can complicate the division issue.
Marital property can include:
- The marital home and other real estate
- Bank accounts
- Vehicles, RVs, and boats
- Stocks and bonds
- Family-owned businesses
- Partnerships and other business interests
- Retirement accounts and pensions
- Valuable jewelry, art, and collectibles
- Any other investments or property of significant value
Attorney Sahara Bell is a Family Law Practitioner, currently servicing the Chicagoland area. Sahara has represented clients in all aspects of domestic relations matters including custody disputes, property division, maintenance/alimony, child support, order of protection, and post-decree matters
“I have personally had the greatest experience, in being represented by in my opinion the BEST family attorney in Illinois! Sahara Bell’s professionalism and determination is unmatched.”
Bringing in a competent family lawyer when trying to determine how to fairly split your marital property and debt may be one of the smartest actions you can take. Attorney Sahara Bell knows how to tackle this issue with skill, knowledge, and commitment to help you obtain a fair and just result.
Set up a consultation with our Cook County property division attorney by contacting us at (708) 304-9080 today.