Divorce and Asset Division

 Posted on December 00,0000 in Division of Property

When a marriage results in divorce, the end is usually not as simple as each spouse picking up and heading off in separate directions. Before a divorce decree is issued, the parties must go through the identification, valuation, and subsequent allocation of all marital property.

The Asset Division Process

In Illinois, when a divorce enters the asset division and allocation process, the law calls for an “equitable” distribution of assets, meaning “fair,” and not “even” or even 50-50. This includes:

• Property acquired by either spouse during the time of the marriage is considered marital property and subject to division. Sometimes this is complicated when one spouse attempts to shield assets from the other.
• Once all assets are identified, the value of each is determined and the process of division may begin.
• When it comes to the marital home, three scenarios usually follow: The home is sold and proceeds split. One party refinances the home and purchases it for him or herself; One, usually the spouse with custody of the children, remains in the home with the children until it is no longer needed, at which time one of the two previous listed scenarios may occur.
• In Illinois, pension plans and retirement accounts are considered marital property and subject to reallocation.

Factors Impacting Division of Assets

When the time comes to divide the assets, the lawyers or judge will consider a number of factors when piecing together a plan.

• Prenuptial or postnuptial agreement;
• Total value of marital property;
• Length of the marriage;
• Role each spouse played in acquiring an asset, as well as the part played in increasing or decreasing the value of said asset;
• Child custody arrangements, if applicable;
• Situation of each spouse relative to health, employment or employability, other source of income;
• Tax consequences property allocation will have on each spouse; and
• Obligations of awards related to the dissolution of a previous marriage.

Each of these influences is factored into the division of marital assets during a divorce in an effort to create an equitable allocation plan.

The Final Decision

Who makes the final determination of asset division is dependent upon who the couple goes about pursuing their divorce. The two most common scenarios are:

1. Hiring lawyers and entering into litigation usually results in a judge making the final ruling on who gets what.
2. Should a couple decide to hire a mediator, they will have more control throughout the negotiation and final division process.

An Experienced Illinois Divorce Attorney Will Help You Get What You Deserve

In the midst of a contentious divorce, it is important to have someone on your side who understands the laws governing the fair division of marital assets. A knowledgeable Aurora divorce lawyer can ensure you receive full value for everything you deserve. The Law Offices of Matthew M. William, P.C. fight to not only secure fair asset division but uncover hidden assets and simplify complex ownership rights.

Source:

http://www.chicagobusiness.com/section/custom-content-wealth-divorce-roundtable