Understanding Marital Property Division in Illinois

 Posted on July 21, 2016 in Division of Assets

Property division is an important aspect of divorce. When a married couple decides to separate, they must reach an agreement on how their assets will be divided. Many people believe that in every divorce case, assets are divided 50/50 and half of the total marital assets are given to each party. This, however, is a common misconception. In a few states - Louisiana, Idaho, and California, for example, marital property is divided evenly down the middle and distributed to each party. In Illinois, however, and the majority of other American states, marital property is divided fairly and equitably, but not always equally. This means that in some cases, one spouse may end up receiving a larger amount of marital property, depending on the circumstances of the divorce. If property is not divided evenly, how does the division process work?

Many Factors

Under Illinois law, if a couple is unable to reach a property division agreement themselves, the division will fall to a judge. Once in court, the judge will review the unique circumstances of the divorce case, and decide from there how to equitably divide the couple’s marital property. This decision is impacted by a number of factors. These include:

• The value of shared marital property;
• How long the marriage lasted;
• Each spouse’s current financial situation;
• Obligations from prior marriages;
• Each spouse’s wellbeing including health, age, level of employability, and skills;
• Parenting responsibilities and child support if children are involved;
• Both spouse’s future opportunities for income; and
• Possible tax consequences from property division.

Reach an Agreement on Your Own

Leaving property division in the hands of a judge can be scary. Fortunately, couples who wish to divide their property amongst themselves have many opportunities to do so. A couple can come to a property division agreement on their own during a litigated divorce, thus no longer requiring a judge. Couples can also pursue less conflicted types of divorce, mediation and collaborative divorce for example. These types of divorce can help guide couples towards an amicable divorce outcome including property division.

We Can Help

The property division process may seem fairly easy to navigate in Illinois, but it is always best to have a trusted, knowledgeable attorney by your side. A skilled attorney can advocate for your interests and ensure your rights are being protected. Keep in mind that unfortunately, divorces can become nasty. It is not unheard of for one spouse to hide assets from another to keep them from being divided during divorce. If you are worried about your soon to be ex, or fear you will not receive a fair divorce settlement, it is crucial to speak with an attorney. Any hidden assets should be found and disclosed.

Is divorce in your future? If so, contact the team at Pesce Law Group, P.C. today. Our experienced Naperville divorce attorneys have years of combined experience handling a wide variety of divorce and family law cases, and we are here to help you. We understand that divorce can be complicated, but we are here to advocate aggressively for you. Call 630-352-2240 today to set up a free consultation with one of our team members. We can answer any questions you may have and get you started down the road to future freedom and happiness.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000