Dividing Property in an Illinois Divorce

 Posted on May 31, 2017 in Divorce

During marriage, couples often think of their assets as joint property. However, the same cannot be said for couples going through a divorce. Many argue over what belongs to whom, not fully understanding what constitutes marital property. Misunderstandings over marital contributions and Illinois’ divorce laws can further compound the confusing division of assets in a divorce. The following information can help you combat some of the misconceptions about property division in a divorce. You will also learn where to find assistance with your divorce, and why it could be crucial to the outcome of your case.

Marital Assets versus Non-Marital Assets

Separating marital assets from non-marital assets can be fairly straightforward in some cases, but highly complex in others. In most situations, property purchased or acquired during the marriage is considered marital property, and anything acquired before the marriage is considered non-marital. However, there are extenuating circumstances that can complicate this formula.

For example, if a spouse inherits money from a deceased parent, and the money is assigned only to that spouse, the inheritance could be considered a non-marital asset – but only if it was never commingled with the couple’s marital property. Likewise, an asset brought into the marriage may become marital property if it is commingled with the couple’s marital assets. A divorce attorney can help you determine if an asset might be considered a part of your marital estate.

Fair versus Equal Asset Division

A lot of couples mistakenly assume that assets are divided equally in divorce. While this may be true in other states, it is not the case in Illinois. Marital property is divided equitably, or fairly, in this state. Of course, deciding what is “fair” is not an easy task. Factors such as homemaking contributions, monetary contributions, age and health, allocation of parental responsibilities and parenting time, the ability to work, education, training and more may all be evaluated by a judge to make this determination.

Couples do not have to go to court to divide their assets, however. Some choose to have more control over the division process by going through alternative dispute resolution. Still, even in mediated cases, it is important to have a divorce attorney on your side. Not only can a divorce attorney ensure that your rights are protected, but he or she can also assist you in understanding what assets you may be entitled to during the divorce.

Contact Our Hillside, IL Divorce Lawyers

If you are planning on filing for divorce, contact the Law Office of Vincent C. Machroli, P.C. for assistance before you file. Dedicated to your future and best interests, our Hillside, IL divorce lawyer will aggressively pursue the most favorable outcome for your case. Call 708-449-7400 and schedule your personalized, no-charge consultation to learn more.

Source:

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