Illinois Divorce Basics - Common Misconceptions on the Division of Assets

 Posted on April 11, 2017 in Divorce

Although divorce is a somewhat common occurrence, there are many misconceptions about how it works. More specifically, divorcing couples are often misinformed or confused about how the division of assets operates in Illinois. The following addresses these common misconceptions, and explains where you can find assistance for your divorce.

Assets Acquired During Marriage Are Not Always Community Property

Often, divorcing couples assume that all assets obtained during marriage are community property. However, this is not always the case. There are many circumstances in which assets may belong only to one party. For example, if a gift is given explicitly to one spouse, the money was never co-mingled, and the spouse can prove that it was a gift solely for them, they may be able to keep the asset as personal property, rather than community property. If you have questions about community property versus personal property in divorce, talk to an experienced lawyer.

Divorcing Couples Split Everything Down the Middle

Couples are often surprised to learn that everything is not split down the middle during an Illinois divorce. While, yes, there are states that do equal distribution, Illinois is not one of them. It is an equitable distribution state, which means each party receives a "fair" allotment of the marital estate. Many factors are used to determine what this equitable distribution means - everything from how much money each party earns to the standard of living that was established during the marriage. To better understand how these factors might impact your settlement, contact an attorney.

Higher-Earning Spouses Keep Most of the Money

High-earning spouses are often surprised to learn that they do not always get to keep most of the assets. In fact, many end up paying a higher settlement to keep certain assets, and they may even be required to pay alimony and/or child support if there are children involved or a significant income disparity. As such, high-earning spouses should ensure they consult with an attorney about their concerns. Further, disadvantaged spouses are encouraged to seek legal help; failure to understand what they may be entitled to and what their marriage is worth can lead to massive and potentially long-term financial losses.

Contact Our Experienced Wheaton Divorce Lawyers

Backed by over 210 years of combined experience, The Stogsdill Law Firm, P.C. offers the seasoned and dedicated assistance you need. No matter what the situation, we pursue the most favorable outcome possible. Learn more about how our Wheaton divorce attorneys can help with your case. Call 630-462-9500 and schedule a personalized consultation with us today.

Source:

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