Chicago Divorce Attorney Russell Knight Explains the Division of Marital Assets in Illinois
Chicago divorce attorney Russell Knight releases a new article (https://rdklegal.com/divorce-family-law-services/chicago-division-of-marital-assets/) that explains the division of marital assets in Illinois. The lawyer mentions that the division of properties acquired during a marriage is one of the key functions of a divorce. Being an “equitable division” state, Illinois courts are inclined to divide the marital property either 50/50, 60/40, or a ratio based on what the courts believe to be equitable.
According to the Chicago divorce attorney, “Marital property is any property acquired during the course of the marriage (by either one of the parties or both) that was not gifted to just one of them and/or was not inherited by just one of them.”
The lawyer explains that in Section 750 ILCS 5/503(a) of the Illinois Marriage and Dissolution of Marriage Act, marital property is defined as “all property, including debts and other obligations, acquired by either spouse subsequent to the marriage”. On the other hand, non-marital property is any property acquired prior to the marriage, by inheritance, or by gift.
Attorney Knight also mentions that Illinois considers all the couple’s properties to be marital unless one party can prove it otherwise. This means that the party requesting to prove that a property is non-marital must be able to provide clear evidence that the property was acquired in a way that makes it non-marital property.
In the article, attorney Russell Knight says that there are also other issues that can arise out of property division in an Illinois divorce. This includes dissipation of assets, commingling of marital and non-marital assets, distribution of pension and/or retirement benefits, etc. Dissipation of assets can be complicated to navigate.
Furthermore, the divorce lawyer says that there may be ways to make non-marital properties marital. This process can be extremely complicated and the client may need to have a lawyer for this. Also, pensions and retirement accounts are common when it comes to dividing marital assets. Even if the pension is placed under one spouse’s name, it will still be considered marital property if it was acquired during the marriage.
Lastly, attorney Russell Knight emphasizes the importance of having a skilled divorce attorney when dealing with matters such as the division of property and other divorce matters. Having an experienced lawyer may be able to help the client understand their rights and receive a favorable outcome in the case.
About The Law Office of Russell Knight
The Law Office of Russell D. Knight was established in 2009 by the divorce attorney Russell D. Knight. The lawyer’s love for family law is demonstrated by the numerous articles personally written by the lawyer. Russell is a licensed lawyer throughout Florida and Illinois. The attorney has a legal practice in both states and employs an entire staff of paralegals and attorneys in the two states of Chicago, Illinois, and Naples, Florida. Contact them today at (773) 334-6311.
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Law Office of Russell D. Knight
Russell D. Knight
773 334 6311
1165 N Clark St # 700, Chicago, IL 60610, United States