Asset Division in an Illinois Divorce

 Posted on December 00, 0000 in Division of Property

When you are getting a divorce, you must come to an agreement with your spouse about how your assets will be divided. If you cannot come to an agreement, you will have to go to court and the judge will decide what is fair. Either way, dividing your assets can be a big headache, especially if you have large assets such as a house, cars, retirement or pension plans, stocks, brokerage accounts or businesses. It can be difficult to determine what is fair when it comes to distribution of your assets, but when it comes to Illinois law, there are certain criteria that judges use to make these decisions. Determining Marital Property vs. Non-Marital Property

The first thing a judge will do in a division of assets proceeding is determine which property and assets are marital property and which are not subject to division. The Illinois Marriage and Dissolution of Marriage Act outlines the types of assets and property that are considered marital and non-marital property. According to the act, marital property is any property, including debts and other obligations, acquired by either spouse during the marriage, except:

• Property acquired by gift, legacy or descent and any property acquired in exchange for this property;
• Property acquired in exchange for property acquired prior to the marriage;
• Property acquired by a spouse after a legal separation; and
• Property excluded by a prenuptial or postnuptial agreement.

Equitable Distribution of Marital Property

When a judge is left to decide which spouse gets which property, they must consider certain factors that are outlined in the act. These factors include:

• Each spouse’s contribution to the acquisition or increase or decrease in value of the property;
• The contribution of a spouse as a homemaker to the family;
• The dissipation of the marital property by each spouse;
• The value of the property;
• The duration of the marriage;
• Relevant economic factors of each spouse;
• Any obligations from a prior marriage;
• Any prenuptial or postnuptial agreements;
• The age, health, occupation, income, skills, employability, liabilities and needs of each spouse;
• The custodial provisions for any children;
• The prevalence of any spousal maintenance;
• The opportunity of each spouse for future assets or income; and
• The tax consequences of the division of property.

The act also specifies that property and assets are divided without regard to any marital misconduct. Contact a DuPage County Divorce Attorney

If you are going through a divorce, you probably know about the stress and difficulty that comes with dividing your assets. Though dividing your marital assets can be troublesome, it does not have to be--with the help of an Aurora divorce attorney, your assets can be divided equitably and in your favor. Contact the Law Office of Matthew M. Williams, P.C. to begin discussing your case. Call 630-409-8184 to schedule a consultation.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000