Property Division

An Attorney Assisting With Division Of Marital Property In Illinois

Once you've decided to divorce, you must consider a number of important issues when it comes to dividing your assets and property. At the Law Office of Lynn A. Cohen, our attorney helps with this process, listening to your concerns and keeping you completely informed of your best options at all times. With 30 years of experience serving the people of Cook County and the north side of Chicago, she know what it takes to represent your best interests during a divorce.

Helping You Start Your New Life With A Sense Of Security

A number of questions commonly arise during the asset division process, including:

  • Who assumes ownership of any real estate, cars and other valuable items attained during the marriage?
  • What financial implications may be involved?
  • Who is responsible for taking on debts and taxes once the divorce is finalized?

So where do you begin? First, you must catalog your assets and obligations and exchange this information with your spouse through what is called the discovery process to make sure both parties are clear on the property in question. Then, you and your attorney must negotiate a marital settlement agreement that helps you retain the property to which you believe you're entitled or that you want to retain. This may include real estate, investments, 401(k) plans, pensions, retirement funds and stakes in businesses.

How Does The Court Determine A Fair And Equitable Division Of Assets?

Illinois is an "equitable division" state, so when a couple divorces, their marital property will be equitably and fairly divided between the two parties, which may not necessarily mean an equal division.

Some of the factors that a judge uses to decide how the marital property will be equitably divided includes but is not limited to:

  • How long the couple was married
  • The couple's standard of living while they were married
  • Which party will be getting primary custody of the children
  • Whether either of the parties had accumulated a significant amount of nonmarital assets

Our staff understands the laws governing division of property in Illinois and works diligently to help you achieve your goals. We first attempt to settle these issues out of court or a settlement, which is a much quicker and less painful way to move forward. However, we are ready to fight aggressively for you in court if needed. If you're getting a divorce, be sure to always have a skilled lawyer at your side.

Call A Respected Divorce Lawyer

Please call 847-674-3000 to schedule an appointment. You may also email the firm.