How Are Assets Divided During an Illinois Divorce?

 Posted on December 00, 0000 in DuPage County divorce lawyer

As much as it is an emotional process, a divorce is also a legal process that is meant to separate you and your spouse from having anything lawfully in common. Like any legal proceeding, this can take time to complete, especially when it comes to the division of your assets. This is typically a point of contention between spouses when getting a divorce. When you are married, you and your spouse may have accumulated a lot of property together, but asset division deals with much more than just physical property. You must also divide things such as retirement funds, bank accounts, life insurance, and even any debts you and your spouse owe. The state of Illinois has a specific process for doing this, and it is important that you understand how your assets will be divided in the event a judge must intervene.

Distinguishing Between Marital and Non-Marital Property

In Illinois, only marital property and marital debt are subject to division. Marital property is any property, assets, or debts that were obtained during the marriage, except for the following:

• Property given as a gift or that was inherited

• Property acquired in exchange for property that was given as a gift or inherited

• Property acquired in exchange for property that was obtained before the marriage

• Any property or assets that were acquired by a spouse after declaring a legal separation

• Any property excluded by a prenuptial or postnuptial agreement

Factors Used When Allocating Property and Debts

In Illinois, marital property is divided on an equitable basis, rather than an equal basis. This means one spouse could possibly come out of the divorce with more of the marital property or debt than the other. When determining how property and debts will be allocated, the judge will consider the following factors:

• The role each spouse played in the acquisition of the property

• Whether or not either spouse contributed to the family as a homemaker

• Whether either spouse dissipated any of the marital assets

• The value of the property assigned to either spouse

• How long the marriage lasted

• The relevant economic circumstances of both spouses

• The age, health, occupation, income, employability, and needs of each spouse

• Custodial provisions for any children

• The opportunity each spouse has to acquire assets and income in the future

• The tax consequences of the property division

Contact a DuPage County Asset Division Lawyer

With everything else that you have to deal with during a divorce, you should not need to worry about whether or not you are getting a fair portion of the marital estate. At the Law Office of Matthew M. Williams, P.C., we understand the importance of equitably dividing your marital assets, and we know how the outcome could affect your family’s future. Our skilled Aurora divorce attorney has the experience to help you and your spouse come to a decision on asset division and avoid going to trial at all costs. Call our office today at 630-409-8184 to schedule an initial consultation.

Sources:

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