How Are Marital Assets Divided in an Illinois Divorce?  

 Posted on November 11, 2022 in Divorce

The dissolution of a marriage can be one of the most trying experiences of someone’s life. When facing a divorce, there is so much to figure out; many areas can become contentious. Unfortunately, an area where things can get the most aggressive is when it comes time to divide your marital property. 

If you and your spouse are pursuing a divorce, consider conferring with a knowledgeable attorney with experience in working with divorce cases. Remember, in divorce proceedings you want to put yourself in the greatest position possible to achieve a favorable outcome for yourself. This starts with hiring an attorney to represent you and protect your rights.

Equitable Distribution of Marital Property

Many believe that splitting up marital property is as easy as splitting everything down the middle 50-50. This could not be farther from the truth. Under Illinois state law, the court adheres to an equitable distribution model when it is time to divide the marital property. Equitable distribution means that the splitting of property is to be fair and reasonable, which is different from an equal split.

A couple may be fortunate enough to agree on how best to split their property through negotiation or even mediation. However, if the couple cannot do this, the judge presiding over their case may make the decisions for them. When a judge sits down to divide the marital property, they will consider several factors, including:

• The economic circumstances of each spouse, including how high their income is and any ongoing financial needs they may have

• Whether it is wise to award the marital home to whichever spouse will have the maximum amount of parenting time with the children

• Any existing obligations a spouse may have from a previous marriage, such as child support or spousal support

• Preferences by either spouse regarding spousal maintenance. For instance, a judge may award a more significant proportion of the couple’s marital property to a spouse instead of ongoing maintenance payments.

• Whether the spouses signed a prenuptial or postnuptial agreement or whether they made any other agreements regarding property ownership

Notably, these laws only involve assets or debts acquired by either party after marriage. Moreover, this property may include physical assets like cars, clothing, mementos, or the marital home. The property can also include intangible assets like savings accounts, investments, business ventures, retirement accounts, or pensions.

Contact an Arlington Heights Asset Division Attorney

As you go through divorce proceedings, remember that there may be property that has both financial and emotional value to you. Figuring out how to divide this property fairly can be enormously complex. Not only do you need to ensure you can keep things vital to you, but you will also need to maintain financial security for yourself as you transition to the next stage of your life. To ensure your rights and interests are protected, consult with the knowledgeable Arlington Heights asset division lawyers at A. Traub & Associates. Call 847-749-4182 today for a comprehensive consultation.

Source:

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