Chicago Property & Asset Division Lawyer
Protecting Your Financial Future in a Cook County Divorce
For most people, the most stressful part of a divorce is the question: "What happens to my finances?" The division of property and assets is one of the most complex and high-stakes components of any Chicago divorce. Illinois is an "equitable distribution" state, which means that marital property is not split 50/50. Instead, it is divided in a way that a Cook County judge deems fair and equitable.
At The Elite Law Group, our Chicago divorce attorneys are meticulous in handling property division.
We fight to ensure your financial future is protected, starting with a thorough and accurate accounting of your marital estate.
Marital vs. Non-Marital Property in Illinois
The first crucial step is to identify and classify all assets. Illinois law makes a clear distinction between two types of property:
Marital Property: This includes all assets and debts acquired by either spouse during the marriage. It does not matter whose name is on the title. Common marital assets include your Chicago-area home, cars, bank accounts, retirement funds (like 401(k)s and pensions), stock options, and even business interests acquired after your wedding day.
Non-Marital Property: This is separate property that belongs to one spouse alone and is not subject to division. It typically includes property owned before the marriage, gifts or inheritances received by one spouse, and assets excluded by a valid prenuptial agreement.
A major complication, especially in long-term marriages, is "commingling"—when non-marital funds (like an inheritance) are mixed with marital funds (like a joint bank account). In these cases, it is critical to have a lawyer who can trace these assets to protect your separate property.
The "Equitable" Distribution Process in Chicago
Since "equitable" does not mean "equal," a judge in Cook County will consider many factors to determine a fair split, including:
The contribution of each spouse to the acquisition of the asset.
The value of the property assigned to each spouse.
The length of the marriage.
The age, health, income, and earning potential of both spouses.
Any pre-existing spousal support (maintenance) obligations.
Whether one spouse has primary parenting responsibilities.
Any prenuptial or postnuptial agreements.
Our job is to build a powerful case that frames these factors in your favor.
Handling Complex Chicago Asset Division
Our firm is highly experienced in handling complex assets that require expert valuation, including:
Business Interests: Valuing a family-owned or closely held Chicago business.
Retirement Accounts: Dividing pensions, 401(k)s, and IRAs, which requires a special court order (a QDRO).
Real Estate Holdings: Dividing equity in a primary residence, vacation homes, or investment properties.
Hidden Assets: If you suspect your spouse is hiding assets, we work with forensic accountants to uncover the full financial picture.
A Meticulous Advocate for Your Financial Future
Do not face the division of your assets alone. The Elite Law Group provides the sophisticated, detailed representation you need. We are committed to securing the equitable share you deserve.