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Law Offices of Robert M. Kaplan, P.C. > Legal Services > Division of Property

Schaumburg family law attorney Robert M. Kaplan can help walk you through the division of property during a divorce.

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Property Division in Schaumburg

One of the most pressing issues for many people going through a divorce is how their property will be divided.

If you're in the middle of a divorce, it's normal to have questions about what might become of your assets. You may wonder things such as, "What will happen to my house, my bank accounts, and my retirement accounts?"

At the end of your divorce, you'll want to know that you can walk away from your marriage with your fair share, which is why it's important to enlist the help of an experienced lawyer and advocate to be on your side. Here at the Law Offices of Robert M. Kaplan in Schaumburg, Illinois, we're always ready to help you through a difficult divorce and to answer questions about equitable division of your property.

Frequently Asked Questions

How do you divide property?

If you’re going through a divorce, you probably have questions about how your assets and property will be divided.

Division of Property in Illinois

Under Illinois law, property division during a divorce must be “equitable,” which is often different from an “equal” split of 50/50. When the judge in your divorce case makes decisions on how to divide property between you and your spouse, they consider a handful of different factors in an attempt to make the split as even as possible.

Your judge will weigh each spouse’s income and accounts in addition to their property, which means that you won’t necessarily end up with exactly 50% of your marital property. If you and your spouse own property above and beyond the “norm” of one home and a handful of cars, the court will look even more closely at the value of different properties and vehicles.

Experienced Attorney in Schaumburg

The division of property in Schaumburg, IL can get complicated, which is why it’s always best to have a seasoned attorney on your side. Often, to ensure that you get a fair property share, you’ll need the help of a divorce law attorney.

Because of Illinois’ “equitable division” law, one party can end up with 60%, 70%, or more of the total property while the other party is left in the dark and doesn’t understand the reason for the division. If you need the help of a property lawyer in Illinois, don’t hesitate to give us a call!

What does a business owner stand to lose in a divorce?

A profitable business is considered an asset in an Illinois divorce. In order to fully understand how divorce will impact your business, it is important to understand the difference between marital property and non-marital property.

What Is Considered Marital Property

Property and assets acquired prior to your marriage are not considered marital property and may not be part of a divorce settlement. On the other hand, assets acquired during your marriage will be part of the marital property and are subject to division between parties.

If your spouse worked in the business, was made a partner, or otherwise had an investment in your business, it may be considered all or partially marital property. If your spouse is an employee of the business, they may even be able to keep their job with the company after divorce.

Profits and expansion of your business during your marriage can be subject to division and part of the divorce settlement.

Contact Our Schaumburg Law Firm

As you can see, business ownership during a divorce can be complex and has many potential outcomes. Hiring experienced legal counsel during your divorce can have lasting effects on the future of your finances. Robert M. Kaplan PC is experienced and can guide you through the complex legal process of divorce and business ownership.

What does equitable division mean in a separation?

During a divorce, if the two separating parties cannot decide on how to split their personal belongings and property, the court will have to get involved and determine who will receive which assets.

Equitable vs. Equal Distribution

The majority of states, including Illinois, follow “equitable distribution” laws. These laws state that all marital property, or property acquired during the marriage, needs to be divided between the spouses “equitably” and fairly. It’s important to note that “equitable” does not always mean “equal,” and that spouses do not necessarily receive a 50/50 share of property and possessions.

Judges determine the division of property in Schaumburg using a number of factors, including:

The earning capability of each spouse
Each spouse’s overall financial health and the value of their separate property
Financial needs of each spouse for the future
Prenuptial agreements
How significantly each spouse’s earnings contributed to acquiring marital property

The Goal of Equitable Division During a Separation

The goal of the equitable division is to make sure each spouse receives a fair share of the joint marital assets as that share fits into the larger picture of financial well-being and earning potential. While the courts will always do their best to divide the property in a way that it considers fair, one spouse may receive a larger portion of the property or may receive a larger individual item, such as a house or car.

What happens to my assets during a divorce?

Dividing up assets during a divorce can become complicated. Which party ends up with which assets can vary greatly and is typically up to your assigned judge to decide.

Physical Possessions

Many people believe that all their possessions belong to them, even when there is a divorce.

This is not true, however. In Illinois, assets owned by a couple before they file for divorce are community property. That said, one spouse can claim an asset as their own, but they must provide evidence this was the case. For example, a gift meant for that person alone could qualify as an asset that belonged to one spouse only.

A judge can also consider a business "community property" and divide it up in the final settlement.

Equitable Division

Although it seems to make sense that assets are split in half due to a divorce, this is not always the case.

A couple can certainly do a 50/50 split if they can both agree, but if they have to go to court to make the decision, the split will likely not be straight down the middle.

Additionally, if one spouse makes less money than the other, they might need more of the assets to maintain the standard of living enjoyed during the marriage.

For example, if one spouse stayed at home raising the children, they contributed to the marriage in a non-monetary way that will be considered when dividing assets and awarding spousal support.

If you need a divorce attorney in Schaumburg to represent you during your divorce, please contact our legal team today.

What Equitable Division of Property Means

Division of Property in Schaumburg Equitable division of property does not necessarily mean an equal division of property, although a 50/50 split is often a good starting point. However, to make asset division truly fair, it may require an uneven distribution, such as a 55/45 split or even a 60/40 or 65/35 split. Among the factors to consider are each party's income, retirement and savings accounts, and the total marital and non-marital assets.

Often, the party in the divorce who makes less money or has a smaller earning potential will end up with slightly more of the marital property to compensate and help them maintain their lifestyle as it was prior to the divorce.

If you have concerns about how your property is being divided, our Schaumburg divorce lawyer will carefully review your case and work hard to pursue the outcome that makes the most sense for you.

Meet Our Attorney:

Robert M. Kaplan

Attorney Robert M. Kaplan is dedicated to assisting clients with family law, real estate law, bankruptcy law, estate planning, and probate matters. After receiving a degree in law from The University of Florida College of Law in Gainesville, and working as a Public Defender in Miami, FL, Attorney Kaplan made the move to Illinois to start his own practice in 1991.

Over 34 Years of Legal Experience

Robert has been engaged in the practice of law for over 34 years and is licensed in both Illinois and Florida, ...

Property Division Does Not Exist in a Vacuum

All issues in a divorce are intertwined, which is why divorces are rarely straightforward matters. Similarly, asset distribution cannot be looked at on its own. You need to consider your assets in relation to everything else in your life, particularly your income, spousal support, and child support.

For example, it may make sense for one spouse to take a larger amount of the property instead of receiving regular spousal support payments. We always look at the complete picture before moving forward, and that picture includes:

Child custody
Child support
Spousal support/maintenance

How Does the Name the Property Is Titled in Affect Property Division in My Divorce or Legal Separation?

Illinois does not base property division on how an asset is titled. Assets acquired during the marriage are presumed to be marital property subject to division in your divorce. For example, if you purchase a home in your spouse’s name only, you have equal rights to that asset as part of your property division. Also, if all of your retirement is held in your name, but it was all saved during the marriage, your spouse has equal rights to that retirement asset as well.

Featured Blog Posts - Division of Property

May 30, 2022

Dividing Property in a Divorce in Illinois

Divorce can be tricky, especially when determining how to divide your assets and debts. The Law Offices of Robert M. Kaplan, P.C. understand that the division of property can be challenging for many couples, and we are here to help you make the process go smoothly and fairly. This article provides information on property division in a divorce in Illinois that you may find helpful.

The Basics of Property Division

In every divorce, the spouses must divide their marital property and debt before the judge grants their request for divorce. Couples ...

What You Should Know about Division of Property

In divorce situations, couples who are not able to agree on how to divide marital property may seek the help of a mediator or a lawyer. If the still cannot come to an agreement, a judge will decide. Illinois has specific laws about dividing property for all couples, including those in Hoffman Estates.

In the state of Illinois, the law requires the fair division of property, but that doesn’t necessarily mean equal. Let’s take a look at what is considered when it comes to division of property.

What Is Considered Relevant in Division of Property

When a couple is in court facing a judge who is going to make decisions for them, ...

Free Consultations Are Available in Schaumburg

To discuss your case with a Schaumburg property division attorney, please don't hesitate to contact us today. Mr. Kaplan is happy to meet with you to help determine if our law firm is a good fit for your individual needs.

Our law office is open from 9 a.m. to 5 p.m. Monday through Friday, and we also have evening and weekend appointments available. We offer legal consultations in Schaumburg, Rolling Meadows, and Hoffman Estates.

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