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Five key facts about property division in Chicago

On Behalf of | Jan 14, 2025 | Divorce |

Divorce can be a challenging time, and understanding property division is crucial. In Chicago, governed by Illinois law, the division of marital property follows specific rules. Here are five key facts to help you understand how it works.

Equitable distribution basics

Illinois is an equitable distribution state. This means that in a divorce, the court divides marital property fairly, but not necessarily equally. Unlike community property states where assets are split 50/50, Illinois considers numerous factors to ensure a fair distribution. These factors may include the length of the marriage, each spouse’s financial situation, and contributions to the marital estate.

Marital vs. Separate property

A critical aspect of property division is distinguishing between marital and separate property. Marital property includes assets acquired during the marriage, such as the family home, wages, and retirement accounts. Even settlements from personal injury or employment lawsuits become marital property if the incident occurred during the marriage. Separate property includes assets acquired before the marriage or through inheritance or gifts during the marriage.

Prenuptial and postnuptial agreements in Chicago

Prenuptial and postnuptial agreements can significantly impact property division. If you have such an agreement, the court will typically honor its terms during the divorce proceedings. These agreements allow couples to define how assets will be divided, clarifying and potentially reducing conflict. Without such agreements, the court decides the division based on Illinois law.

Factors influencing property division in Chicago

Several factors influence how the court divides property. These include the age and health of each spouse, their economic circumstances, child support obligations, and contributions to the marital estate. The court also considers tax implications of the property awarded to each spouse.

Understanding these key facts about property division in Chicago can help you navigate this complex aspect of divorce. If you are facing a divorce, consulting with a local family law attorney can provide valuable guidance tailored to your situation.

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