Niles Property Division Lawyer
Cook County Marital Property Lawyer
How Much Do We Each Get?
How much each spouse gets during divorce when the marital estate is divided is determined by the particular circumstances of each case. Often, property division will begin and end at a 50/50 split. This does not mean that each individual asset or debt is divided in half, but that the entire amount is split in amounts that are roughly equal. For example, one spouse may keep $250,000 in home equity and the other spouse may keep $250,000 in retirement funds. The exact division of the marital estate will vary dependent upon the unique factors of each case.
At the Law Offices of Janice L. Berman, we help our clients understand the division of marital property/debt, and work through the complexities of that process. There are a few aspects of the division of property that surprise many of our clients, and some areas where the court will have discretion to adjust the amount up or down.
It is helpful to understand the following:
- Illinois is not a community property state, but the division of property typically starts with the assumption of a 50/50 split.
- Premarital assets are generally not included as marital property, but can be taken into consideration by the Court
- The Court will look at each spouse’s earning capacity when making the determination to split the assets and debts.
- The length of the marriage is an important factor.
- Family gifts or inheritance may be considered marital property, depending upon how the assets were used, although generally they are considered non-marital assets.
Division of Marital Assets and Debts
The Court has discretion and will typically not allow or accept a division of assets and debts that is obviously unfair. At our law office, we will advise you about a course of action we believe will work, but the course is always yours to set.
Our law firm has experience with division of the following types of marital property, including, but not limited to:
- Primary residence and second homes
- Financial assets such as bank accounts, certificates of deposit, stocks, bonds annuities, etc.
- Cars, trucks, motorcycles, and other motor vehicles
- Retirement plans, 401(k)s, IRAs, pensions
- Business valuations for sole proprietorships, S corporations or partnerships
- Art or other collections
- Division of debt
Respect and Honest Advice
As your law firm of choice, we’ll provide you with honest evaluations about your situation and the realistic chances you have to achieve your goals. We’ll also provide you with the accessibility and responsiveness you need from a lawyer.
Contact Niles property division attorney Janice L. Berman or call 847-292-9900. We look forward to helping you.