Property Division In Illinois Divorce
Dividing assets during a divorce can be one of the most challenging aspects of the process. In Illinois, courts follow the principle of equitable division, meaning marital property is divided fairly, though not necessarily equally. Whether you are concerned about protecting your financial future or securing a fair outcome, understanding the law is essential.
At Frankfort Law Group, we help Frankfort families navigate asset division with clarity and confidence. With over 65 years of experience, our legal team is dedicated to protecting your interests and advocating for a fair distribution of marital property.
How Property Division Works In Illinois
The equitable division approach means the court considers several factors when dividing marital property instead of splitting everything in half. Some key considerations include:
- Each spouse’s marital contributions
- Length of the marriage
- Each spouse’s financial situation
- Custodial arrangements
- Property each spouse solely owns
Since every case is unique, working with a seasoned attorney can help protect your financial interests during this process.
What Is Considered Marital Property?
Marital property includes assets and debts acquired during the marriage, including:
- Real estate: The family home, and vacation and rental properties
- Bank accounts: Joint savings, checking accounts and investment portfolios
- Retirement accounts: Pensions, 401(k)s and IRAs, even if only one spouse contributed
- Business interests: Jointly owned businesses or businesses started during the marriage
- Personal property: Vehicles, jewelry, furniture and other valuables
Separate property – assets owned before marriage such as inheritances and gifts – may not be subject to property division, but disputes can arise over commingled assets.
How We Can Help With Asset Division
Dividing assets can be overwhelming, especially when emotions run high. Our lawyers can assist by:
- Identifying and valuing assets: Determining the accurate worth of property and investments
- Negotiating settlements: Striving for a fair and reasonable outcome outside of court
- Litigating contested cases: Representing you in court when an agreement cannot be reached
- Protecting your financial future: Advocating for a division that considers long-term financial security
Whether your divorce is amicable or contested, having skilled legal representation can help you navigate property division with confidence.
Contact A Property Division Lawyer Today
If you are facing asset division concerns in your divorce, the knowledgeable family law attorneys at Frankfort Law Group are here to help. We serve families in Frankfort, Illinois, and the surrounding areas. Call us today at 708-349-9333 or fill out our online contact form to schedule a consultation.