Division of Property
Wheaton Attorneys
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Chicago Office

20 N. Clark Street, Suite 2720
Chicago, Illinois 60602
Phone: 312-345-9999

Schaumburg Office

1101 Perimeter Dr. Ste. 220
Schaumburg, IL 60173
Phone: 847-995-9999

Wheaton Office

400 S. County Farm Road, Suite 320
Wheaton, Illinois 60187
Phone: 630-653-9400

Orland Park Office

15255 W. 94th Ave., Suite 201
Orland Park, IL 60462
Phone: 708-226-9904

Chicago Division of Property Attorneys

Illinois Asset Distribution Lawyers Advocating for Your Rights

When you get married, you create a foundation with another person. When you divorce, you are left to figure out how to divide what you have both worked so hard to build. Over time, many things merge as you build upon that base and you need the expertise of a family law firm to help you sort things out in an equitable manner. The Chicago-based law office of Anderson & Associates, P.C. is committed to assisting clients with division of property matters with honesty and integrity.

Defining Marital Property/Assets

Although there are exceptions, property acquired after marriage is considered marital property. Non-marital property is usually acquired prior to marriage and is owned by one specific party. Some examples of non-marital property include:

  • Property received as a gift or through inheritance
  • Property acquired after legal separation
  • Property protected by the terms of a prenuptial or postnuptial agreement

In Illinois, marital assets are not subject to a 50/50 split because it is not a community property state. The state of Illinois requires an equitable split. This means that each party is entitled to a fair award based on several factors including:

There are additional factors such as the age and health of each party, but our firm is committed to working through every detail to get a favorable outcome on your behalf through mediation or court proceedings.

Determining Ownership of Property

One of the first steps to dividing marital assets is to perform asset characterization. A name on an account does not necessarily denote ownership. Our attorneys will carefully evaluate the origin and state of each asset.

Common marital assets include:

  • Real estate
  • Vehicles
  • Bank Accounts
  • Business interests
  • Household furnishings
  • Investments
  • Retirement funds

When tracing the ownership of each asset, it may be determined that there are marital and non-marital aspects to some assets. The complexity of establishing ownership requires a firm with extensive experience with property division. Commingled assets, retirement distributions and extensive investments may compound the issue, but a seasoned attorney is able to provide an accurate picture of marital assets. We have performed numerous evaluations for our clients and we can help you protect what rightfully belongs to you.

Assigning Marital Debts

Determining debt responsibility is also part of the division of property. Common debts may include:

  • Mortgages
  • Bank loans
  • Credit card debts
  • Vehicle payments

Debts will impact the value of marital property and it is also important to make sure that the terms of each debt are defined in a divorce decree. Regardless of what may be decided in court, your creditors and lenders are not required to honor any agreement other than the one originally entered into when you made a purchase. We will advise you on your financial responsibility and work tirelessly to make sure that you understand what is expected of you financially after your divorce.

For more information on how we can assist you in an equitable division of property, contact us to schedule a free consultation. Our offices are conveniently located in downtown Chicago, and we have three additional regional offices. We assist clients throughout the Chicago area including Cook County, DuPage County, Lake County, and beyond.