Dividing property during a divorce can be one of the most complex and emotionally charged aspects of the process. Illinois law presumes that assets acquired during a marriage are marital property and subject to equitable division. At Hayes Law LLC, our experienced Chicago family lawyers are here to help you navigate property division with confidence and clarity, ensuring that your financial future is protected.
Understanding Property Division in Illinois
Illinois follows the principle of equitable distribution, meaning marital assets are divided fairly but not necessarily equally.
- Marital property includes assets acquired during the marriage unless they fall under specific exceptions.
- Non-marital property includes assets acquired before the marriage, gifts, inheritances, or assets protected by a valid prenuptial or postnuptial agreement or property acquired in exchange for such assets.
- Courts consider various factors when dividing assets, which include but are not limited to: the length of the marriage, contributions to the marital estate, and the economic circumstances of each party, tax implications, custodial arrangements, waste or dissipation of assets, valid agreements between the spouses (prenuptial or postnuptial agreements) and so on.
When Might You Need Legal Assistance for Property Division?
You may need assistance with property division if you are:
- Facing a contested divorce: Disputes over asset ownership or valuation often arise in contentious proceedings.
- Unsure about asset classification: Determining whether an asset is marital or non-marital can be complex, especially for commingled assets.
- Concerned about hidden assets: Uncovering concealed property or income requires skilled legal and financial expertise.
- Dealing with high-value assets: Dividing businesses, investment portfolios, real estate, or cryptocurrency demands meticulous valuation and negotiation.
- Seeking a fair division: Even in uncontested divorces, legal guidance ensures your rights are protected.
The Hayes Law Approach to Property Division
Our attorneys are dedicated to providing comprehensive representation tailored to your unique situation. We focus on:
- Asset identification and discovery: Locating and categorizing all marital and non-marital assets, including complex holdings such as businesses, real estate, and cryptocurrency.
- Valuation expertise: Collaborating with financial professionals to determine accurate values for high-net-worth assets.
- Strategic negotiation: Advocating for an equitable division of property that aligns with your financial goals.
- Preservation of assets: Minimizing unnecessary depletion of the marital estate during the divorce process.
Why Choose Hayes Law for Property Division?
With extensive experience in contested and uncontested matrimonial proceedings, Hayes Law LLC offers the expertise and dedication you need to secure the best possible outcome. Our attorneys understand the nuances of Illinois family law and are skilled in navigating even the most complex property division cases.
We proudly serve clients in Chicago and throughout Cook, DuPage, and Lake Counties, offering personalized strategies to protect your financial interests and preserve your peace of mind.
Contact Hayes Law LLC Today
If you’re navigating the complexities of property division, let the skilled Chicago family lawyers at Hayes Law LLC guide you. From uncovering hidden assets to negotiating favorable settlements, we are committed to protecting your rights and securing your financial future.
Contact Hayes Law LLC for a free consultation and take the first step toward a resolution that works for you.