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Dividing property in a divorce can be challenging, especially when complex assets are involved. At Reich, Jumbeck, Stole & Reeb, LLP, our attorneys assist clients in Will, Kendall, DuPage, and Grundy counties with the division of marital assets. Below is an explanation of what constitutes a marital asset and the factors the court considers when dividing them.
With our extensive experience and strategic approach, we empower our clients to move forward confidently, securing their best interests and laying the foundation for a new chapter in their lives.
What Is Marital Property?
In a divorce, only marital property may be considered for division. The law generally defines marital property as assets acquired during a marriage.
Some common marital properties include:
- Business assets and property
- Cars, motorcycles, and other vehicles
- A primary household, vacation home, and other real property
- Checking, savings, and retirement accounts
- Personal property such as office equipment and computers
Some assets that a court may not consider as marital include items obtained before marriage, property excluded by an agreement, inheritance, and some types of gifts.
What The Court Considers During Allocation
Many factors can go into marital property division, including but not limited to:
- Spousal maintenance (alimony) agreements
- Marriage length
- Each spouse’s current economic circumstances
- Each spouse’s vocational skill and opportunity for future asset acquisition
- The age of each spouse
- Health considerations
- The property values assigned to each spouse
- Obligations from a previous marriage
- The role each spouse played in acquiring and preserving marital property
- Contributions as a homemaker
- Child custody agreements
- The value of the family home
- The tax consequences of assets
In Illinois, asset division in a divorce must be equitable, not equal. This means that property may not be a 50-50 split but rather based on the circumstances of the marriage and divorce. Because the meaning of equitable is malleable, your choice of divorce representation can have a large effect on your division of marital property.
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How many lawyers does RJSR have?
There are 6 attorneys with over 75 years combined experience.
How much will my family law case cost and how long will it take?
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Our firm employs a team approach, leveraging our collective expertise to serve your case.
Compassionate Partner
We are fully staffed to manage even the most complex divorces and related matters.
Decades of Experience
Our firm has more than 75 years of combined experience.
Unrivaled Expertise
We utilize our extensive experience and meticulous attention to detail to help you achieve favorable outcomes.
Innovative Solutions
We deliver comprehensive services and build robust legal cases.
Strength in Numbers
Our large, highly effective team works with a broad network of professionals to ensure disputes are successfully resolved.
WHAT CLIENTS SAY
Straightforward, experienced, and willing to go above and beyond what was expected.
Mikal Stole and RJSR are the only divorce attorneys I recommend. Mikal is very good at his job and represents his clients ruthlessly. He also contacts his clients back very quickly but is not one to waste time either (not every email sent needs a response). He will be my first and only call if I ever needed an attorney again. You will not regret it if you retain him to represent you!
WHAT CLIENTS SAY
In a matter where I needed the very best... RJSR answered the bell
In a matter where I needed the very best, Greg Jumbeck and the team at RJSR answered the bell and did not let up until my case was resolved. Working as a team, RJSR attorneys are incredibly thorough, know the laws, and because this is all they do, have unparalleled experience understanding how the judges they appear before every single day will apply the law in any situation. They are efficient, honest, and realistic about the results you can expect. As an attorney myself, I can honestly say they are who I would (and did) choose for myself to represent me with literally everything on the line - they are truly the "lawyer's lawyers." Highly recommend.
WHAT CLIENTS SAY
I was terrified of leaving. However, after my consultation... I knew everything was going to be okay.
Reich, Jumbeck, Stole & Reeb were recommended to me by a friend when I initiated my divorce. I was terrified of leaving. However, after my consultation with Tim Reeb, I knew everything was going to be okay. Mr. Reeb was extremely professional and knowledgable. He relentlessly pursued my case and fought for the best interest of both me and my children. My case was very contentious and Mr. Reeb never once let me down. He was sensitive to my situation and calmed my fears over and over again. I ended up with more than I thought possible. I highly recommend Tim Reeb and his firm, especially for difficult and/or high conflict family situations.
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