Elgin Property Division Lawyer

Dividing a lifetime of accumulated assets and debts is one of the most critical and complex stages of any divorce. The outcome of your property settlement will form the financial foundation for your future. Illinois is an “equitable distribution” state, which means that marital property is not automatically split 50/50; rather, it is divided in a manner that the court deems fair and just. At The Law Offices of Anthony R. Scifo, our Elgin property division attorneys are dedicated to protecting your financial interests, whether through meticulous negotiation or aggressive litigation.

From uncovering hidden assets to valuing complex business interests, we have the experience to handle even the most challenging financial cases. We work diligently to ensure you receive a fair and equitable share of the marital estate. To secure the strong advocacy you need to protect your assets, contact our Elgin office today at (847) 628-8311 for a free, confidential consultation.

Marital vs. Non-Marital Property: The Critical First Step

Before any assets can be divided, they must be correctly classified. This is often the first point of contention in a divorce. Understanding the difference between marital and non-marital property is essential.

• Marital Property: This includes nearly all assets and debts acquired by either spouse during the marriage. It does not matter whose name is on the title or who earned the money to acquire it. Common examples include the family home, vehicles, bank accounts, retirement funds (pensions, 401(k)s), and stock options accrued during the marriage.
• Non-Marital Property: This is property that belongs solely to one spouse and is not subject to division. This typically includes assets acquired before the marriage, property received as a gift or inheritance by one spouse, and property excluded by a valid prenuptial or postnuptial agreement.

Disputes often arise when non-marital property becomes “commingled” (mixed) with marital property, potentially converting it into a marital asset. Our attorneys are skilled at tracing complex financial histories to protect your separate property rights.

“Equitable Distribution”: What a Fair Division Means in Illinois

Many people mistakenly believe “equitable” means “equal.” In Illinois, a fair division is not always a 50/50 split. A judge will weigh a series of statutory factors to determine what constitutes a just division of the marital estate. As outlined in Section 503 of the Illinois Marriage and Dissolution of Marriage Act, these factors include:

• Each spouse’s contribution to the acquisition of marital property, including contributions as a homemaker.
• Any dissipation or wasting of marital assets by either spouse.
• The value of the property assigned to each spouse.
• The duration of the marriage.
• The age, health, occupation, income, and needs of each spouse.
• The parental responsibilities for the children.
• Whether one spouse is receiving spousal maintenance.
• Any prior marriage obligations of either spouse.

Our legal team builds a powerful case based on these factors to advocate for a property settlement that is truly fair for you.

Handling Complex and High-Value Assets

Property division becomes significantly more complex when high-value or unique assets are involved. We have the experience and professional network, including forensic accountants and business valuators, to handle sophisticated financial matters.

Retirement Accounts and Pensions

Dividing 401(k)s, IRAs, and pensions requires a specific court order known as a Qualified Domestic Relations Order (QDRO). We ensure these complex legal instruments are drafted correctly to divide the marital portion of these funds without incurring early withdrawal penalties or tax consequences.

Business Interests

If a family business was started or grew in value during the marriage, it is likely a marital asset. We work with experts to obtain an accurate business valuation and negotiate a settlement, which may involve one spouse buying out the other’s interest or arranging for future profit sharing.

Hidden Assets and Dissipation

Unfortunately, some spouses attempt to hide assets or waste marital funds (dissipation) in anticipation of a divorce. We are skilled in financial discovery and can trace financial records to uncover hidden accounts and prove dissipation, ensuring those funds are properly accounted for in the final settlement.

Frequently Asked Questions About Property Division

Who gets to keep the house?
There is no set rule. The house may be sold with the proceeds divided, or one spouse may “buy out” the other’s equity by refinancing the mortgage. The decision is part of the overall equitable division and often depends on what is best for the children involved in the child custody arrangement.

What about our debt?
Marital debt (mortgages, car loans, credit card balances acquired during the marriage) is also divided equitably, not necessarily equally. The court will consider which spouse is in a better financial position to pay the debt.

Can we decide how to split our property ourselves?
Yes. Couples are encouraged to reach their own agreement on property division, often with the help of attorneys or through mediation. A negotiated Marital Settlement Agreement gives you control over the outcome and, once approved by the court, becomes a legally binding order.

Protect Your Financial Future with an Experienced Elgin Attorney

The division of your property is a defining moment that will shape your post-divorce life. Do not leave your financial future to chance. The Law Offices of Anthony R. Scifo will fight to protect your hard-earned assets and secure the fair settlement you deserve.

Call our Elgin office now at (847) 628-8311 to schedule your free, confidential consultation.