How Is the Asset Division Process Handled in an Illinois Divorce?

 Posted on January 27, 2020 in Division of Property

When a married couple plans on getting divorced, the last thing they may feel like doing is cooperating with each other. Even though they might not be on the best of terms, communicating and working together may be the best tactic to take for everyone involved. Even Illinois courts urge couples to try to work together with their attorneys to make decisions about their divorce. If a couple is unwilling or unable to compromise or come to a resolution, the court will have to intervene and make decisions for the couple based on Illinois law. Asset division can be tricky, and the exact laws that apply to this situation might be different from what most people think.

The Division of Assets Is Not Always 50/50

Many people think that the asset division process is simple and that each spouse will get exactly half of everything they own together. While this may be true in some states, Illinois practices what is called “equitable division.” This means that each spouse will receive a portion of the marital estate that is considered fair and just. To achieve an equitable division, the judge will look at a variety of factors to determine what each spouse should receive. Some of these factors include each spouse's income-earning potential and whether or not one parent gave up a career to stay home and raise children. In addition, the parent who is allocated the majority of the parental responsibilities may receive the marital home, since the children will reside there most of the time.

Not Everything Is Subject to Division

Another misconception that some people have about dividing assets during a divorce is that a couple will have to divide everything either of them has ever owned. In reality, certain types of property, known as nonmarital property, are not subject to division. This property typically consists of everything that a spouse owned before the marriage, property acquired after a legal separation, and specific property that was acquired during the marriage, such as inheritances or gifts. Marital property is considered to be everything else that was obtained during the marriage by either spouse, and this property is therefore subject to division.

Spending Might Be a Factor

One of the situations in which one spouse might receive a bigger share of the marital property is when the other spouse sold, spent, or used a large portion of marital property for his or her own gain. This is called the dissipation of assets, and it is also known as “wasting” marital property. For example, if one spouse had a gambling problem and lost a large sum of the couple’s savings, the other spouse might be awarded a greater share of the couple's remaining assets.

Contact a Kendall County Asset Division Attorney

The asset division process is one of the most important aspects of your Illinois divorce, but it can also be one of the most complicated. The outcome of this distribution affects you not only during your divorce, but it can also determine what your financial situation will look like years down the road. At the Law Office of Matthew M. Williams, P.C., we understand how difficult divorce proceedings can be, especially when it comes to splitting marital property. Let our knowledgeable Yorkville divorce lawyers help you navigate the asset division process so you can rest easy knowing you will receive your fair share of the marital estate. Call our office today at 630-409-8184 to schedule a confidential consultation.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=0&SeqStart=6100000&SeqEnd=8350000