Property division is one of the most complex issues involved in a divorce case. In Illinois, property is considered to be marital property or nonmarital property.
The determination as to whether property is either marital or nonmarital, as well as the value of a closely held or family-owned businesses, can be complex and difficult. While Illinois is considered an equitable distribution state, not all property settlements in a divorce case are determined on an equal or 50-50 basis. Many factors are considered, including:
- Duration of marriage
- Contribution of each spouse to the acquisition or increase in the value of marital or nonmarital property
- The economic circumstances of each spouse once division is complete
- The reasonable opportunity of each spouse to acquire capital assets and income in the future
There also may be a duty by one individual to reimburse the marital estate. This occurs when one party uses marital funds to enhance the other’s nonmarital property.
In some cases, property that one spouse thought was their nonmarital property may actually be marital property as the result of commingling. In many divorce cases, there is an issue of missing or misappropriated marital property. Additionally, many divorce cases involve “dissipation,” where one spouse has spent considerable sums of money for things that have no relation to the marriage.
Get Legal Guidance Personalized For Your Own Circumstances
At Hurst, Robin & Kay, LLC, our lawyers work closely with our clients to help them determine the value of the marital estate and the location of property that may be hidden, and to develop a plan for an equitable distribution of the marital property.
To receive your fair share of the marital property, it is imperative that you hire an attorney who fully understands the law and who has helped others in circumstances just like yours. We work with clients to ensure that they receive a fair share of the marital estate regardless of whether the division is determined by agreement of the parties or pursuant to a trial. Please contact Hurst, Robin & Kay, LLC, in Chicago today at 312-782-2400 or send an email.