Illinois is one of many states that does not recognize common law marriage, and in the event that a non-married couple were to split up, no property division laws or guidelines are in place. If you are in a long-term relationship and are not married, it is important to protect your rights, especially if you hold property or other large assets in common with your partner. In these cases, the advice and guidance of property division lawyers in Chicago can prove invaluable.
Dissolution Agreements in the Event of a Break-Up
If you are part of a long-term relationship in the state of Illinois and have no desire to marry your partner, there are other solutions available to protect your financial interests. Property division lawyers in Chicago can help you to create an agreement which stipulates the equitable division of property even if the courts do not recognize your relationship. The advice of property division lawyers in Chicago can help you to avoid a significant financial loss in the event that your relationship ends in a non-amicable manner.
Hope for the Best and Prepare for the Worst
No one in a loving relationship ever thinks that things will end badly, but they often do. It is best to work with your partner when times are good to create a legally binding agreement that outlines what will happen in the event of the relationship ending. It is best to have these agreements in place long before they are necessary, even if they never are used. A comprehensive accounting of your joint investments and assets and their fair disposition is the first step in protecting your interests.
If your relationship ends without such an agreement in place, it becomes more difficult to protect your financial interests. Property division lawyers in Chicago can help you to navigate the process, but it is best to be aware ahead of time that the courts will not recognize your non-marital relationship in any way, shape, or form.