How Division of Property and Assets in Divorce Works in Illinois

How Division of Property and Assets in Divorce Works in Illinois
February 14, 2024
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Divorce is a complex and emotionally taxing process, impacting not only personal relationships but also financial stability. A critical aspect of divorce proceedings is the division of property and assets, which can often lead to confusion and conflict. At Pinkston Law Group, P.C., we specialize in providing expert legal guidance to ensure that your rights are protected, and your assets are divided fairly. This article aims to shed light on how property and assets are divided in Illinois divorces and how our skilled attorneys can assist you through this challenging time.

Understanding Equitable Distribution in Illinois

Illinois follows the principle of equitable distribution, which means that property and assets acquired during the marriage are divided fairly but not necessarily equally. The court considers a variety of factors to determine what is equitable, including:

  • The duration of the marriage
  • Each spouse’s contribution to the marital estate
  • The economic circumstances of each spouse at the time of division
  • Any obligations and rights from a prior marriage
  • The age, health, and station in life of each spouse
  • Custodial provisions for children
  • The opportunity for future acquisition of assets and income

It’s important to note that equitable distribution applies only to marital property, which includes assets and debts acquired during the marriage. Non-marital property, such as inheritances, gifts received by one spouse, and property acquired before the marriage, is typically not subject to division.

Types of Property and Assets Considered in Divorce

The division process encompasses a broad range of assets, including:

  • Real estate
  • Bank accounts and cash
  • Investments and stock options
  • Retirement accounts and pensions
  • Businesses and professional practices
  • Personal property, such as vehicles and jewelry

Each type of asset has its own set of rules for valuation and division, making it essential to have knowledgeable legal representation.

How Pinkston Law Group, P.C. Can Help

Navigating the division of property and assets in a divorce can be daunting. The experienced attorneys at Pinkston Law Group, P.C. are committed to advocating for your best interests throughout the divorce process. Our team will:

  • Provide Expert Guidance: We offer personalized advice based on the specifics of your case and the latest Illinois divorce laws.
  • Protect Your Rights: Our goal is to ensure a fair division of assets that protects your financial future.
  • Negotiate on Your Behalf: We have extensive experience in negotiating favorable settlements for our clients.
  • Represent You in Court: If your case goes to trial, our skilled litigators are prepared to represent you effectively.

Call to Action

If you are going through a divorce and concerned about the division of property and assets, do not navigate this complex process alone. The dedicated attorneys at Pinkston Law Group, P.C. are here to provide the legal support and guidance you need. Contact us today to schedule a consultation, and let us help you secure a fair and equitable outcome. Remember, protecting your rights and assets is our top priority, and we are committed to achieving the best possible results for you.

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