In Illinois, property in a divorce is distributed to the parties equitably. An equitable distribution does not necessarily mean an equal division.
Many factors are considered by the courts in determining what is an equitable distribution in each individual case. When allocating property division, these factors include the length of the marriage, the financial needs and means of each spouse, and each spouse’s contribution to the marital assets.
Arriving at an equitable distribution of the parties’ marital estate can be extremely complicated. First, it is necessary to be sure that all property has been disclosed. Next, property be must be properly characterized as marital or non-marital and then correctly valued. Certain types of property such as real estate, businesses and retirement benefits may require the use of outside professionals to assure a correct valuation. Finally, the tax consequences of any property division must be assessed in order to maximize the parties’ marital estate and the after tax benefits to the client.
At Touloupakis Aguirre llc we use the knowledge gained from many years of practice to find, categorize, appropriately value negotiate and achieve a satisfactory property distribution for clients.
Make sure you are prepared for your next attorney meeting by completing our printable Inventory of Assets checklist, found on our Resources page, or by visiting our Blog for a further look at the Disposition of Property After the Dissolution of Marriage.
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