Property Division in Divorce

 Posted on December 00, 0000 in Division of Property

Going through a divorce is a complex issue both legally and emotionally. Many contentious issues must be decided on including, child custody, child support, and property division. When a house is part of the property that needs to be divided the tenants of divorce law are used to determine how the home or the home's value is shared between the spouses. It takes an experienced and insightful DuPage County divorce lawyer to navigate this treacherous legal terrain successfully.

Equitable Division

Illinois law controls how real property is divided in a divorce. Illinois is an "equitable division state." That means that the law does not require that marital assets be divided equally among divorcing spouses. Instead, the law requires that property is distributed equitably. Judges rely on several variables to determine what an equitable division of property is, however, Illinois courts are forbidden to consider marital misconduct for property division. Instead, judges are instructed to consider:

• Party contribution
• Dissipation
• Property value
• Duration of marriage
• Economic circumstances
• Prior Marriages
• Pre and postnuptial agreements
• Situational status
• Child custody (parenting time)
• Maintenance(spousal support)
• Future income
• Taxes

When dividing up real property or the value of a home. It is important to understand that the court is going to make a distinction between marital and non-marital property when considering how to divide assets in a divorce.

Marital Property versus Separate Property

Divorce law in Illinois considers all property acquired, regardless of title, during a marriage as marital property for the purposes of property division. The equity in a home purchased during the marriage can be one of the most contentious parts of property division in a divorce. It is essential to have a relentless and experienced DuPage County divorce attorney guide you through this potentially precarious legal minefield.

Separate property is also referred to as non-marital property. Non-marital property is not counted or considered when the courts analyze how they will share the couple's marital assets. Separate property includes:

• Property acquired by gift
• Property acquired by legacy
• Property acquired by descent.
• Property purchased by a spouse after a judgment of separation
• Property acquired before the marriage

Considering Divorce?

A contested divorce can pit two parties with intimate knowledge of each other in a legal chess match against each other. It is of the utmost importance you have dedicated and compassionate representation through the divorce process. If you own property and are considering divorce, contact the experienced DuPage County divorce attorneys at the Law Offices of Matthew M. Williams, P.C. Our legal staff is prepared to help. Call 630-409-8184 to schedule a consultation.

Source:

http://www.divorcenet.com/states/nationwide/property_division_by_state