PROPERTY DIVISION

Property issues concern classification, valuation and allocation. 

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Classification relates to whether the property is marital or non-marital. All property acquired during the marriage is marital, regardless of how it is titled. Nonmarital property is property acquired before the marriage, excluded by a valid agreement, or property acquired during the marriage by gift, legacy, or descent.

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Valuation concerns property that has a subjective value, meaning, reasonable minds can differ. An examples would be a home, business, or artwork. Sometimes parties agree on the value and stipulate. Where there are differences, you will need to make use of expert services, such as an accountant, appraiser or valuation expert.

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Illinois law allocates property and debt based on the “equitable distribution” standard. Equitable is not always the same as equal. The court considers a number of factors in determining an equitable distribution, including:

•    The economic contributions of each party
•    Non-economic contributions, such as a homemaker contribution
•    Depletion or waste of marital estate
•    Duration of the marriage
•    Relevant economic circumstances of both parties
•    any prenuptial or postnuptial agreements;
•    the age, health, station, occupation, amount and sources of income, vocational skills, employability, estate, liabilities, and needs of each of the parties;
•    the custodial provisions for any children;
•    amount of maintenance paid or received;
•    the reasonable opportunity of each spouse for future acquisition of capital assets and income; and
•    the tax consequences of the property division upon each party

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Distribution of property becomes more difficult in proportion to the size and complexity of your estate. The attorney’s experience and credential should be in keeping with the nature of your property issues.