Chicago Property Division Lawyer
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.
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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 Chicago 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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They’re professional and supportive team work was beyond efficient and they got the job done in the least amount of time and with the least stress possible. They’re an amazing team to help with family needs and are always available to answer any questions or support. I would definitely recommend Myles and Genet Johnson for any family legal needs.- M.A.
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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 worked with Elizabeth and she did way more for me than I thought possible. I was in a bad situation when I came in. She took my case then proceeded to go above and beyond until the very end. With them working my case my stress about the whole thing was pretty much gone.- Nick D.
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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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I wasn’t familiar with the process of child custody but I must say not only did Myles and his team direct me properly but it was a process that wasn’t money motivated. Very professional group, I was constantly informed of any step or move needed to be made. When you have someone in your corner that understands the importance of family it makes the situation a ton easier, thank you Myles and Johnson group for everything!- Dwight
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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 was in a very difficult custody/child support dispute with my ex-spouse. Working with her was such a wonderful experience, kept our goals at the top of every conversation, knew all points and avenues that we could take, never lead us in the wrong direction They worked tirelessly on my case and the outcome was exactly what I expected! I would recommend this firm to anyone who is going through a family law issue.- Liz
Guiding Chicago 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, contact us today.
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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.
