How Are Assets Divided in an Illinois Divorce?

 Posted on June 22,2023 in Division of Assets

Property division tends to be one of the most challenging issues for couples to address during a divorce. Most of the time, neither party will get exactly what they want when dividing assets. Spouses should be open to compromise and understand that to get what they want, they need to be able to consider what the other party wants and why they are asking for it. To ensure that these issues will be handled correctly, it is important for spouses to understand how the laws in Illinois will affect the process of dividing marital property.

The Difference Between Marital and Non-Marital Property

Marital property will need to be divided between divorcing spouses, but each spouse will usually be able to continue owning any non-marital property. The distinction between these two types of property depends on when and how assets were acquired and, in some cases, how property has been used and combined with other assets. 

Determining what assets are considered marital and non-martial property can be challenging. Marital property includes anything that has been acquired during the marriage. These assets will be divided equitably between parties. Non-marital property includes anything that either spouse owned before the marriage, and it may also include assets that a person received as an inheritance or gift. A premarital agreement may also specify that certain assets are classified as either marital or non-marital property. before or during their marriage. An experienced attorney can help determine whether different types of property may be considered marital or non-marital assets, and they can also help negotiate agreements on how the assets will be divided between the spouses. 

How Should Marital Assets Be Divided?

Before getting the court involved in issues related to marital property, it is usually a good idea to work together with the other party to negotiate a settlement and decide how assets should be divided. By cooperating and compromising during these negotiations, you can reach agreements that will protect the interests of both parties while avoiding the time and expense of resolving these issues in the courtroom.

If an agreement cannot be reached, you may need to resolve issues through litigation, and the judge in your case may make decisions about how property will be divided. Illinois is an equitable distribution state, which means that the division of assets will not necessarily be 50/50, but instead, property may be divided in a way that is as fair as possible for both parties. When deciding who gets what, the court will look at each party's situation and future needs. The court may consider multiple factors when determining how assets should be divided, including: 

• The amount of time the couple was married

• Each party's contributions to the marriage, including income earned by a spouse who was employed or services a spouse provided as a homemaker

• The age, health, occupation, financial stability, and skills of each party

• Prenuptial or postnuptial agreements that addressed how property will be divided

• How decisions about child custody will affect both spouses’ financial situations

• The tax consequences that will apply to each party when assets are distributed

Contact a DuPage County Property Division Attorney

At Pesce Law Group, P.C., we understand how difficult it can be to divide assets during your divorce, especially if your spouse refuses to compromise. We will work alongside you to negotiate agreements or advocate for decisions that will protect your interests. Contact our Naperville asset division lawyers today to discuss your case and get the legal help you need. Call 630-352-2240 to set up a free consultation. 

Source: 

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