Question By: In the emotional whirlwind of divorce proceedings, one critical aspect often at the forefront of individuals' minds is the division of property. For couples in Illinois, understanding how property is divided can alleviate some of the stress and uncertainty surrounding this process.
Equitable Distribution Principle
Illinois follows the principle of equitable distribution when it comes to dividing marital property during a divorce. Contrary to what some might think, equitable distribution doesn't necessarily mean a 50/50 split. Instead, it aims to divide assets and liabilities fairly, considering various factors unique to each case.
Marital vs. Non-Marital Property
Firstly, it's essential to distinguish between marital and non-marital property. Marital property typically includes assets and debts acquired during the marriage, regardless of whose name is on the title. Non-marital property, on the other hand, consists of assets acquired before the marriage, inheritances, gifts, or items explicitly excluded by a prenuptial agreement.
Factors Considered
When determining how to divide marital property, Illinois courts consider several factors, including:
Contributions to the Marriage: Courts assess each spouse's contribution to the acquisition, preservation, or appreciation of marital property.
Duration of the Marriage: The length of the marriage often plays a role in property division decisions.
Economic Circumstances: Financial circumstances of each spouse, including earning capacity, employability, and financial needs, are taken into account.
Child Custody: If children are involved, custody arrangements may influence property division to ensure their well-being.
Pre and Postnuptial Agreements: The presence of a valid prenuptial or postnuptial agreement can significantly impact property division, provided it meets certain legal criteria.
Distribution Process
In Illinois, marital property is divided equitably but not necessarily equally. Courts strive to achieve a fair distribution, which may involve various methods such as:
Direct Allocation: Assets are divided between spouses based on their value, with each receiving a portion.
Offsetting: One spouse may retain certain assets, while the other receives compensation of equivalent value, often in the form of cash or other assets.
Sale of Property: In some cases, selling marital assets and dividing the proceeds may be the most practical solution.
At The Law Office of Fedor Kozlov, P.C., they understand that navigating property division in an Illinois divorce can be daunting. With their expertise in family law, they are dedicated to helping you through this challenging time with compassion and efficiency. Their team of experienced attorneys is committed to ensuring that your rights are protected and that you receive a fair and equitable division of marital assets.
For more details, visit https://lawyer-il.com/how-is-property-divided-in-an-illinois-divorce/
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