How to Divide Property in Illinois After Divorce

Just as with financial assets, a judge in Illinois divides physical marital property as fairly as he or she sees best fit under Illinois divorce laws. The judge will consider many factors. Below are some examples:

Contribution of each spouse to the acquisition of marital property
Contribution of each spouse to the increase or decrease in value of marital property
Economic resources of both spouses
Age and health of each party
Vocational skills and employability of either spouse
Projection of economic conditions of both spouses following division of marital property
Reasonable opportunity for acquisition of capital by either spouse
Rights of either spouse arising from a previous marriage

As you can see, the economic condition of either party can play a major role. This means the court may divide a larger portion of marital assets, including bank accounts and mutual funds to the lower-earning spouse.

Comments

Chicago's Top Rated Divorce Lawyers

Chicago Illinois Divorce and Family Law, Mehta Family Law Group of Chicago. The Mehta Law Group is one of Chicago’s premier law firms. Our team of lawyers and staff are here to serve you and to help you build a better future for yourself and your family. We represent individuals, families, and children in every aspect of the legal process from beginning to end. Our attorneys bring with them over 30 years of combined experience, we are professional, and treat every individual with the respect they deserve. We are hardworking and don’t back down, our goals is always to advocate for our clients, to ensure a positive end result... Call Chicago IL Divorce Lawyers Now...... Call Now 312-374-4559

What is a High Net Worth Divorce?

What is a High Net Worth Divorce? By J. Turner Thornton , Partner, Varghese Summersett, Divorced Girl Smiling Trusted Professional What is a high net worth divorce?A high net worth divorce case is one in which the divorcing couple has significant assets, property, and income to divide. These cases often involve complex property division and alimony arrangements. Generally, this means at least a million dollars in assets that need to be divided. Divorce can be especially complex for high net worth individuals, requiring in-depth negotiations and property division arrangements. In such cases where significant assets are at stake, it’s essential to consider the possibility of hidden or undisclosed funds by either party. This is often a difficult task as cash is notoriously hard to trace. When marriage hits the rocks, some people may try to get creative or even go to extreme lengths to protect their financial well-being. Here are some ways people try to hide mo...

MLG LAW GROUP-CHICAGO DIVORCE AND CUSTODY LAWYERS

Search This Blog