Dividing Your Marital Property
A divorce often signifies starting over. As you enter this new phase of your life, there are many difficult decisions. Dividing marital property is one of the more significant and can affect your long-term financial health.
The Law Office of Kevin H. Saville, P.C., offers our Chicago clients experienced guidance throughout the divorce process. Our attorney has a background in mediation and collaborative law as well as more than 20 years of legal experience. This experience can sometimes mean the difference between reaching a settlement through negotiation and mediation or having to go to trial.
An Overview Of Illinois Marital Property Law
Identifying the property — real estate, vehicles, retirement accounts, pensions, stock options, collections, expensive jewelry, etc. — and then determining its classification can be a major undertaking in your divorce proceedings. Separate property acquired before a marriage or through an inheritance is generally not divided, but depending on what you have done with this property it can lose its characterization.
In the state of Illinois, marital property accumulated while you were married is divided equitably. A number of factors affect the equitable division, including:
- The duration of your marriage: If one spouse took time off from a career to care for children or support another spouse’s career over a long-term marriage, the reduction in earning capacity could be taken into account.
- Alimony considerations: A spousal maintenance arrangement may offset the distribution of certain property.
- Financial circumstances: The totality of your assets as well as the lifestyle to which you and your spouse have grown accustomed.
Each divorce is unique. You need tailored legal advice designed to meet your future goals. A seasoned divorce lawyer, such as Kevin H. Saville, can help you take measures to protect your best interests.