Divorce is a significant life event that often involves the division of marital property. In the state of Illinois, specific laws govern how assets and liabilities are distributed during divorce proceedings. Understanding these laws is crucial for individuals going through a divorce to ensure a fair and equitable property division. Let’s now discuss the complexities of property division in an Illinois divorce settlement, exploring relevant laws and considerations.
The Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/) provides the legal framework for property division in divorce cases. Under this law, Illinois follows the principle of “equitable distribution,” meaning marital property is divided fairly but not necessarily equally between spouses. Marital property typically includes assets acquired during the marriage, including real estate, vehicles, bank accounts, retirement accounts, and personal belongings.
Identifying marital property is the first step in the property division process. According to Illinois law, marital property generally includes assets acquired by either spouse during the marriage, no matter whose name is on the title or deed. However, certain exceptions exist, such as gifts or inheritances received by one spouse and kept separate from marital assets. It’s essential to thoroughly review all assets and liabilities to ensure accurate identification of marital property.
Once marital property is identified, the next step is to determine its value. Valuing assets such as real estate, businesses, and investment portfolios can be complex and may require the assistance of professionals, such as appraisers or financial professionals. In some cases, spouses may agree on the value of assets, while in others, a court-appointed evaluator may be necessary to resolve disputes.
Illinois law outlines various factors that courts consider when dividing marital property. These factors include each spouse’s contributions to the acquisition and maintenance of marital property, the length of the marriage, each spouse’s economic circumstances, and any prenuptial or postnuptial agreements. Courts have discretion to weigh these factors and make decisions based on what they deem fair and equitable in each case.
In addition to assets, marital debts must also be divided during divorce proceedings. Marital debts typically include liabilities incurred during the marriage, such as mortgages, credit card debt, and loans. Like assets, marital debts are subject to equitable distribution, meaning that they should be divided fairly between spouses. However, determining the allocation of debts can be contentious, especially if one spouse incurs more debt than the other.
Navigating property division in an Illinois divorce settlement can be complex and emotionally challenging. As expected, it’s crucial to protect your valuable legal rights and financial interests throughout the divorce process. Our attorneys understand Illinois divorce law and we have the experience necessary to handle property division cases. Our aim is to help ensure that you receive a fair outcome. Our attorneys can advocate on your behalf, negotiate with your spouse’s legal representation, and help you make informed decisions about your future.
Property division is a critical aspect of any divorce settlement in Illinois. Understanding the legal framework, identifying marital property, valuing assets, considering relevant factors, and addressing marital debts are all essential steps in the property division process. By collaborating with our attorneys and remaining informed about your rights, you can confidently navigate property division in your divorce settlement and help ensure a favorable outcome. Contact our Cook County property division attorneys at 847-329-0101 or 312-360-0250 to arrange your free phone consultation.