Chicago Property Division Lawyer

Ending a marriage requires settling various financial matters between the divorcing spouses. In every marriage, each spouse owns their own respective separate property, and the couple shares ownership of marital property. This generally includes income earned by both spouses during their marriage, property purchased jointly, and all assets and debts acquired during their marriage. Divorce requires the spouses to divide their marital property, and every state uses a different method for accomplishing this fairly in divorce.

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Understanding Equitable Distribution in Illinois Divorce

Every divorce is different, and some divorcing couples are more agreeable than others when it comes to negotiating their divorce terms. When most people in the Chicago area think of divorce, they imagine emotionally charged courtroom battles, while the reality is that most divorcing couples opt for alternative dispute resolution. While it’s not possible to solve every issue in every divorce through private settlement, alternative dispute resolution can provide substantial flexibility to divorcing couples negotiating property division.

Under the equitable distribution standard, the court expects divorcing spouses to split their marital assets and assign separate responsibilities for shared debts as fairly as possible. While it is possible to litigate a divorce and let a judge settle property division, the judge’s interpretation of what would be “fairest” isn’t likely to align with either of the divorcing spouses’ expectations. When a divorcing couple is willing to explore alternative dispute resolution, they have more flexibility in negotiating property division under the equitable distribution law.

Both spouses must provide complete financial disclosure statements that include all necessary financial records. If a divorcing spouse intends to assert separate property ownership rights, they must include all supporting documentation in their financial disclosure statement. All other marital property must be divided equally. The spouses could decide to liquidate certain assets and divide the proceeds, and a judge will likely require similar actions if a couple litigates property division. By exploring alternative dispute resolution, divorcing spouses may effectively negotiate “trades” of specific assets and otherwise customize their property division agreements to their preference.

What Counts as Separate Property?

The financial disclosure statement you provide to the court is the most important first step in your property division proceedings. Next comes your separate property ownership claims. In Illinois, separate property can include any property you inherited from your parents and other family members, family heirlooms, gifts, and anything given to you in a “donatory” capacity by your spouse. It is important for all divorcing spouses to remember that the distinctions between “marital” and “separate” property also apply to debt in divorce. It’s common for disputes to arise in divorce proceedings when a couple argues over responsibility for certain debts.

In most cases, the court will treat a debt the same as physical property. If one spouse held the debt prior to marrying or acquired it without the other spouse’s knowledge or consent, they would likely face sole responsibility for the debt. If a spouse intentionally wastes marital assets or attempts to leave their spouse with credit card debt by squandering shared accounts during divorce, they can face severe penalties.

If you are unsure what qualifies as your separate property and your individual debt, it’s vital to consult an experienced Chicago property division attorney as soon as possible. Your attorney will be an invaluable resource for identifying, classifying, and valuing all property and debt involved in your divorce proceedings. When you choose Johnson Law Group to represent you, you can expect responsive and meticulous guidance through all stages of property division in your divorce.

Important Details to Remember About Property Division in an Illinois Divorce

Every divorce is unique, and while all property divisions in Illinois must unfold under the equitable distribution standard, there are many variables that can influence the financial aspects of a final divorce order. Johnson Law Group has a strong reputation for reliable and comprehensive divorce representation in Chicago, IL. In addition, our team knows the challenges facing divorcing spouses in the area and the difficulties they face in property division proceedings. Some of the variables that can easily complicate your impending property division determination include:

High net worth. If you and your soon-to-be ex-spouse control significant assets, complex business interests, investment accounts, stock, and cryptocurrency, any of these issues has the potential to complicate the property division determination in your divorce.
Prenuptial contracts. Some marrying couples develop prenuptial agreements that outline their financial rights and responsibilities for marriage, and some of these contracts include provisions that pertain to divorce. If you and your spouse have a prenuptial agreement in place, this can potentially streamline your divorce by outlining property division clearly right away.
Hidden assets and fraud. While the thought of sharing your property with your spouse in divorce may be difficult for some to accept, attempting to hide assets to protect them from division in divorce carries severe consequences. Johnson Law Group can address any concerns you have about your spouse’s truthfulness in their financial disclosure statement.

Johnson Law Group specializes in helping clients resolve their divorce in the most efficient ways possible, and this usually entails alternative dispute resolution. However, if you must resolve your property division determination in court, you can rely on Johnson Law Group to represent you in litigation, helping ensure the judge delivers a fair ruling in your case. If you have questions about property division in Illinois divorce or need to speak with a Chicago property division attorney about your situation, contact Johnson Law Group to schedule a free consultation with our team.

“Johnson Law Group and in particular Elizabeth Gregory was phenomenal with their representation of my case.”

Everyone was fast to return calls or emails. They explained everything thoroughly and so that I could understand the process. They worked with me every step of the way. I would highly recommend Johnson O’Keefe and if needed would go with them again. Thank you so much.I was in a very difficult custody/child support dispute with my ex-spouse. Working with her was such a wonderful experience, kept our goals at the top of every conversation, knew all points and avenues that we could take, never lead us in the wrong direction They worked tirelessly on my case and the outcome was exactly what I expected! I would recommend this firm to anyone who is going through a family law issue.

– Liz

“They took a very stressful situation and made it a very pleasant storm.”

I wasn’t familiar with the process of child custody but I must say not only did Myles and his team direct me properly but it was a process that wasn’t money motivated. Very professional group, I was constantly informed of any step or move needed to be made. When you have someone in your corner that understands the importance of family it makes the situation a ton easier, thank you Myles and Johnson group for everything!

– Dwight

“Professional, caring, organized.”

Amazing law firm. They will represent your best interests! They communicate well with you and are straight forward with everything from rates to the legal process. Myles Johnson is a experienced, knowledgeable, well-versed in the laws as they pertain in each county throughout the State of Colorado. As a client, I highly recommend Johnson Law Group!!

– Caleb

“Myles is genuine and professional, and I could not recommend him enough.”

Myles was excellent during my divorce and custody case. I had a very high-stress, and complicated situation, and not only was he efficient, but he kept me at ease throughout the entire process.

– Former Client

“Myles Johnson is an excellent divorce attorney – the Best of the Best!”

I HIGHLY recommend him and his legal team of paralegals and staff because I had a great experience with them. Myles is smart and savvy and fully committed to his clients as an attorney and mediator. He represented me in my divorce and when we went to court his talent and expertise rose to the top giving me confidence and inspiration during this hardship. I am so glad I had Johnson Law Group at my side! It made my divorce a little bit easier knowing this group had my back and worked hard to get me what was fair and equitable with the utmost care and concern for me as a client and most importantly as an individual.

– M.J.

“Quick response to questions, making the line of communication superb.”

Johnson Law Group did and is doing an excellent job with my case. Thanks for all help and wish you all a great future.

– Mista

“Everyone I dealt with at the firm was extremely professional, easy to talk to, and knowledgeable.”

I worked with Elizabeth and she did way more for me than I thought possible. I was in a bad situation when I came in. She took my case then proceeded to go above and beyond until the very end. With them working my case my stress about the whole thing was pretty much gone.

– Nick D.

“Myles was firm and consistent while being very professional with the opposition.”

Myles and his firm did an excellent job on my case. He helped me settle a financial dispute with my ex-wife concerning my retirement income. Myles was a good communicator and responded to questions and concerns promptly. I will definitely call him if I am ever in need of a lawyer.

– Rob

“My goals and the safety of my children were always the priority to the JOK team.”

I called Johnson Law Group extremely frustrated and stressed with the process of my custody case. From the consultation to every conversation after, Elizabeth went out of her way to make sure that i was comfortable with all the matters and decisions. I highly recommend Elizabeth and the whole Johnson Law Group team to anyone going through custody matters. Elizabeth, Cassidy, and Paola were amazing, and made me feel like i was a friend, not just a client. I would happily use them again if needed.

– Patricia

Guiding Chicago Clients Through Property Division in Divorce

Illinois is one of many US states to use an equitable distribution law. This property division method aims to ensure the fairest possible division of marital assets and debts in divorce by accounting for as many details as possible between the divorcing spouses. The equitable distribution standard typically aims to resolve property division with some measure of finality, negating the need for ongoing spousal support arrangements. However, every divorce is unique, and it is possible for spousal support to come into play in any Illinois divorce in which the spouses have vastly different earning power.

Regardless of what your divorce may involve, you and your soon-to-be ex-spouse must resolve property division and various other financial issues to complete your divorce.

Johnson Law Group can provide the communicative and detail-oriented legal representation you need on your side to approach your case with greater confidence and peace of mind, contact us today.

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Chicago Property Division Lawyer