Illinois property division attorney
Ending a marriage requires settling various financial matters between the divorcing spouses. In every marriage, each spouse owns their own respective separate property, and the couple shares ownership of marital property. This generally includes income earned by both spouses during their marriage, property purchased jointly, and all assets and debts acquired during their marriage. Divorce requires the spouses to divide their marital property, and every state uses a different method for accomplishing this fairly in divorce.
Guiding Illinois Clients Through Property Division in Divorce
Illinois is one of many US states to use an equitable distribution law. This property division method aims to ensure the fairest possible division of marital assets and debts in divorce by accounting for as many details as possible between the divorcing spouses. The equitable distribution standard typically aims to resolve property division with some measure of finality, negating the need for ongoing spousal support arrangements. However, every divorce is unique, and it is possible for spousal support to come into play in any Illinois divorce in which the spouses have vastly different earning power.
Regardless of what your divorce may involve, you and your soon-to-be ex-spouse must resolve property division and various other financial issues to complete your divorce. Johnson O’Keefe can provide the communicative and detail-oriented legal representation you need on your side to approach your case with greater confidence and peace of mind.
Our Attorneys Meet Your Legal Team
At Johnson O'Keefe, our team of skilled and understanding legal professionals proudly provides comprehensive and efficient legal services for all clients.
Understanding Equitable Distribution in Illinois Divorce
Every divorce is different, and some divorcing couples are more agreeable than others when it comes to negotiating their divorce terms. When most people in the Illinois area think of divorce, they imagine emotionally charged courtroom battles, while the reality is that most divorcing couples opt for alternative dispute resolution. While it’s not possible to solve every issue in every divorce through private settlement, alternative dispute resolution can provide substantial flexibility to divorcing couples negotiating property division.
Under the equitable distribution standard, the court expects divorcing spouses to split their marital assets and assign separate responsibilities for shared debts as fairly as possible. While it is possible to litigate a divorce and let a judge settle property division, the judge’s interpretation of what would be “fairest” isn’t likely to align with either of the divorcing spouses’ expectations. When a divorcing couple is willing to explore alternative dispute resolution, they have more flexibility in negotiating property division under the equitable distribution law.
Both spouses must provide complete financial disclosure statements that include all necessary financial records. If a divorcing spouse intends to assert separate property ownership rights, they must include all supporting documentation in their financial disclosure statement. All other marital property must be divided equally. The spouses could decide to liquidate certain assets and divide the proceeds, and a judge will likely require similar actions if a couple litigates property division. By exploring alternative dispute resolution, divorcing spouses may effectively negotiate “trades” of specific assets and otherwise customize their property division agreements to their preference.
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All my questions answered and very friendly staff. Cost for service very reasonable. Highly recommended to you by me! Give her a call.- Virginia
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Myles and his firm did an excellent job on my case. He helped me settle a financial dispute with my ex-wife concerning my retirement income. Myles was a good communicator and responded to questions and concerns promptly. I will definitely call him if I am ever in need of a lawyer.- Rob
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I HIGHLY recommend him and his legal team of paralegals and staff because I had a great experience with them. Myles is smart and savvy and fully committed to his clients as an attorney and mediator. He represented me in my divorce and when we went to court his talent and expertise rose to the top giving me confidence and inspiration during this hardship. I am so glad I had Johnson O'Keefe at my side! It made my divorce a little bit easier knowing this group had my back and worked hard to get me what was fair and equitable with the utmost care and concern for me as a client and most importantly as an individual.- M.J.
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Everyone was fast to return calls or emails. They explained everything thoroughly and so that I could understand the process. They worked with me every step of the way. I would highly recommend Johnson O'Keefe and if needed would go with them again. Thank you so much.- Robin
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Helped me through a difficult divorce and made what I thought was going to be an impossible process so much easier. Everything was handled well, they listened to all my concerns, and responded in a timely manner. I would highly recommend using Johnson O'Keefe, they are amazing!- Sonja
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I called Johnson Law Group extremely frustrated and stressed with the process of my custody case. From the consultation to every conversation after, Elizabeth went out of her way to make sure that i was comfortable with all the matters and decisions. I highly recommend Elizabeth and the whole Johnson O'Keefe team to anyone going through custody matters. Elizabeth, Cassidy, and Paola were amazing, and made me feel like i was a friend, not just a client. I would happily use them again if needed.- Patricia
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Johnson O'Keefe has the greatest Attorneys and staff in Colorado State. I recommend every family to choose this Law Firm. Attorney Genet Johnson and Myles Johnson has profound knowledge of the Law, and they can help individuals to have balance, peace of mind, avoid issues, assist with problems, work on important aspects of communication/listening, each solution carefully crafted, negotiate, prompted responding, support their clients, manage day to day operations, efficient, professional, prepare in a timely matter, reliable, trust worthy, explain everything before proceeding, dedicated, and patience.- Cierra
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Myles was excellent during my divorce and custody case. I had a very high-stress, and complicated situation, and not only was he efficient, but he kept me at ease throughout the entire process.- Former Client
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 Illinois 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.
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Individualized AttentionJust as each family is unique, so is each family legal matter. We always take the time to completely understand your situation so that we can tailor our advice and strategy accordingly.
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Highly RecommendedOur clients often take the time to write and thank us, not only for the results we have earned for them but also for the respect we’ve shown them.
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Supportive CounselWe never lose sight of the fact that divorce and other household conflicts can feel overwhelming. Our family lawyers will answer all of your questions to ease your burden in this difficult time.
