Understanding Property Division in Divorce

 Posted on December 28, 2018 in Divorce

When navigating the divorce process, it is common for parties to feel discomfort while going over contentious issues. For many, the most contentious issues revolve around a couple's marital property. Regardless of the economic position of the couple, property division can include nuanced financial portfolios, valuable assets, and land property. As you and your legal team prepare for the divorce process, it is important to first gain an understanding of marital property division.

What Constitutes Marital Property

Here in Illinois, marital assets must be equitably distributed. To be clear, that simply means that all marital property must be divided fairly (not equally). Before a court can make any decision concerning marital assets, they must first determine what property is marital and what property is non-marital.

According to Illinois State Law, marital property is defined as property acquired during the marriage. Marital assets can range from real estate and vehicles to bank accounts and business interests. Non-marital assets include real estate acquired prior to the marriage, property or assets that are excluded because of a prenuptial or postnuptial agreement, and property or assets that were purchased with nonmarital assets.

It is important to note that some assets can become marital assets due to the manner in which they were utilized during the marriage. A quality legal team will help you further understand the nuances of the property division as you go through the divorce process.

Division Factors

When making decisions on how to fairly distribute marital assets, a court will routinely consider a number of common factors. These factors include the contribution each spouse made to the purchase, the duration of the marriage, the custody of children (if children are involved), as well as the value of the property discussed. Many other factors play a role in the court’s decision-making process, and it is wise to further discuss those factors with your legal team.

Meet With a DuPage County Marital Property Attorney

At The Stogsdill Law Firm, P.C., our number one goal is to ensure that you and your loved ones maintain a healthy and vibrant financial future after your divorce. Marital property division can be a complex and contentious issue. Hiring a legal team that will aggressively represent you can enable you to hold on to the marital assets you deserve. To schedule a consultation with a quality Wheaton family law team, call us today at 630-462-9500.

Sources

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