Elgin Marital Property Division Attorney

When it comes to division of assets in divorce, Illinois is an equitable distribution state. This means that if everything else is equal, marital property will probably be divided 50-50. However, there are situations where a court may decide that an unequal division of property is equitable.

I am attorney James P. Leahy in Elgin, Illinois. I offer a free initial consultation to answer your questions about marital property division so that you can make informed decisions about what next steps you want to take.

What Is Marital Property?

Marital property includes all assets and debts you accumulated during your marriage, with the exception of gifts and inheritances. Gift and inheritances are the separate property of the person they were given to, unless those assets are commingled with marital property (for example, deposited into a joint checking account).

A portion of separate property assets may be considered marital assets if the marital estate contributed to the asset. For example, if marital funds were used to remodel a separate property house, then a portion of the appreciation of that asset may be considered marital property. Good financial records are important protect your separate property rights and to ensure you are reimbursed for marital contributions to your spouse's separate property.

If both spouses have similar earning capacity and similar separate property, then courts are likely to divide marital property 50-50. However, if there is a disparity of earnings potential or separate property assets, courts may award a greater percentage of marital property to the spouse with the greater financial need.

Contact Illinois Property Distribution Lawyer James P. Leahy

I offer a free initial consultation to new clients. To speak to an Elgin marital property division lawyer, contact me by e-mail or call my office at 847-348-8692 (toll-free at 888-596-0289).