Chicago Property Division Lawyer

What Counts as Separate Property?

The financial disclosure statement you provide to the court is the most important first step in your property division proceedings. Next comes your separate property ownership claims. In Illinois, separate property can include any property you inherited from your parents and other family members, family heirlooms, gifts, and anything given to you in a “donatory” capacity by your spouse. It is important for all divorcing spouses to remember that the distinctions between “marital” and “separate” property also apply to debt in divorce. It’s common for disputes to arise in divorce proceedings when a couple argues over responsibility for certain debts.

In most cases, the court will treat a debt the same as physical property. If one spouse held the debt prior to marrying or acquired it without the other spouse’s knowledge or consent, they would likely face sole responsibility for the debt. If a spouse intentionally wastes marital assets or attempts to leave their spouse with credit card debt by squandering shared accounts during divorce, they can face severe penalties.

If you are unsure what qualifies as your separate property and your individual debt, it’s vital to consult an experienced Chicago property division attorney as soon as possible. Your attorney will be an invaluable resource for identifying, classifying, and valuing all property and debt involved in your divorce proceedings. When you choose Johnson O’Keefe to represent you, you can expect responsive and meticulous guidance through all stages of property division in your divorce.

Important Details to Remember About Property Division in an Illinois Divorce

Every divorce is unique, and while all property divisions in Illinois must unfold under the equitable distribution standard, there are many variables that can influence the financial aspects of a final divorce order. Johnson O’Keefe has a strong reputation for reliable and comprehensive divorce representation in Chicago, IL. In addition, our team knows the challenges facing divorcing spouses in the area and the difficulties they face in property division proceedings. Some of the variables that can easily complicate your impending property division determination include:

• High net worth. If you and your soon-to-be ex-spouse control significant assets, complex business interests, investment accounts, stock, and cryptocurrency, any of these issues has the potential to complicate the property division determination in your divorce.
• Prenuptial contracts. Some marrying couples develop prenuptial agreements that outline their financial rights and responsibilities for marriage, and some of these contracts include provisions that pertain to divorce. If you and your spouse have a prenuptial agreement in place, this can potentially streamline your divorce by outlining property division clearly right away.
• Hidden assets and fraud. While the thought of sharing your property with your spouse in divorce may be difficult for some to accept, attempting to hide assets to protect them from division in divorce carries severe consequences. Johnson O’Keefe can address any concerns you have about your spouse’s truthfulness in their financial disclosure statement.

Johnson O’Keefe specializes in helping clients resolve their divorce in the most efficient ways possible, and this usually entails alternative dispute resolution. However, if you must resolve your property division determination in court, you can rely on Johnson O’Keefe to represent you in litigation, helping ensure the judge delivers a fair ruling in your case. If you have questions about property division in Illinois divorce or need to speak with a Chicago property division attorney about your situation, contact Johnson O’Keefe to schedule a free consultation with our team.