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Illinois courts do not necessarily divide up marital property equally (50/50) upon the dissolution of a marriage. Instead, the court will consider a number of factors and split up the marital assets according to what is “equitable.” If you are involved in a divorce proceeding or anticipate that you will soon be, it is critically important that you secure the assistance of an experienced Chicago divorce attorney in order to ensure that your rights are fairly represented throughout the divorce process.
As mentioned above, Illinois courts use principles of equitable division when determining who gets what in a Chicago divorce proceeding. A few of the factors that the court will consider when making the equitable-division decision are:
Any marital property is subject to equitable distribution. Marital property, simply defined, is all property that “belongs” to the marriage. This includes almost all assets acquired while the marriage was in effect. Some assets remain with the spouse that brought them into the marriage. These are called non-marital assets. A few examples of non-marital assets are:
If one spouse comingles non-marital assets with marital assets, the non-marital assets may transmute into marital assets. If this is occurs, the spouse whose property is transmuted may be able to get reimbursed for their additional contribution to the marital assets. This can cause some confusion and frustration in Chicago divorces.
If you are involved in a Chicago divorce, you should immediately contact an experienced and dedicated Chicago family law attorney. As you can see, an Illinois divorce proceeding can be much more complicated than dividing the marital assets in half. To make sure that someone is fighting for your fair treatment throughout the divorce proceeding, you should have an experienced attorney at your side. The law firm of Taradash Given, P.C. is an aggressive and experienced Chicago family law firm that knows what it takes to provide excellent representation to their clients. Contact us using our online form, or call (312) 775-1020 to speak to an attorney today.