How Property Is Divided in an Illinois Divorce

 Posted on February 07,2023 in Division of Property

When people get divorced, most assume that they will have to divide their assets. However, many do not fully understand the rules and procedures for doing so. The good news is that with help from a qualified attorney, the process can be relatively straightforward in many cases.

Asset Division Considerations

The first step to dividing property is determining what is marital property and what is separate property. Separate property is defined as assets that were accumulated by an individual before the parties were legally married. Marital property includes assets and debts that have been accumulated by one or both parties during the marriage, with limited exceptions for gifts and inheritances.

Examples of property that could be considered marital include:

• Homes
• Vehicles
• Household Items
• Savings Accounts
• Investments
• Life Insurance
• Retirement Accounts
• Pensions

Dividing Marital Property in Court

Illinois is among the states that are equitable distribution states. This means that all assets must be divided fairly, as “equitable” does not always mean “equal.” Equitable distribution can be accomplished by agreement of the parties, but if they cannot reach an agreement, the court will make decisions for them.

If the parties have decided to divide their properties through the court, a judge will not automatically split things in half. They will consider all relevant factors in deciding what is a fair division. The judge will consider the following:

• Prenuptial agreements
• How long the marriage lasted
• If a party is receiving spousal maintenance
• Each party’s occupation and income
• What value of property each party is assigned to
• Each party's debts and financial needs
• If there are any support obligations from previous marriages
• Parental agreements for any minor children
• Economic circumstances of each party
• Any tax consequences when dividing property

However, deciding how the parties want to divide their assets does not have to be made through the court. If the parties are willing to work together, they can decide on their own how to fairly split their assets.

Dividing Marital Property Is About Compromise

Divorce can be difficult to get through all on its own. No one is going to get everything they want, exactly like they want. When it comes to dividing properties you can get the court involved but that can make a divorce much more difficult and longer to conclude. If parties can come together to negotiate and compromise, this will often lead to a successful and fair settlement agreement. It will also ensure that neither party encounters unwanted problems later.

Contact a Kane County Divorce Lawyer

Experienced Aurora divorce attorney Matthew M. Williams knows how taxing it can be to decide on property division matters. He knows that you and your partner would prefer to end things on good terms, and with his help, you can work to find a compromise that works for everyone. Contact the The Law Office of Matthew M. Williams, P.C. by calling 630-409-8184 and protect the assets that are rightfully yours.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm