Question By: When a couple decides to divorce, there are often issues that become contentious between the two. Even couples who both agree to end the marriage can become tangled up in settlement issues. Of the many settlement matters, financial issues are at the top of the list for most people.
Illinois is an Equitable Distribution State
When it comes to asset distribution, Illinois follows the legal theory known as equitable distribution. This is an entirely different process than a community property state. In a community property state, assets and liabilities might be split right down the middle 50/50. With equitable distribution, it means the courts divide everything in an equitable manner.
Marital Property
Marital property is any property that was acquired by either spouse during the marriage, using marital funds. Spouses can convert separate property into marital property (or vice versa) using a written agreement.
Understanding Your Rights Regarding Marital Property
The assets you and your spouse own may be divided into two categories: marital property and non-marital property.
• Marital property includes all assets and debts you have acquired during your marriage (after the date you were married and before the date that you were legally separated).
• Non-marital property includes any assets either of you owned before you got married or that were acquired after a legal separation.
• Assets received through gifts or inheritances will also usually be considered non-marital property, and a prenuptial or postnuptial agreement may also be used to state that certain assets will be categorized as non-marital property owned by one spouse.
Addressing Different Types of Marital Property
• You and your spouse may need to determine how to divide multiple types of property, including:
• Money and investments
• Real estate
• Family businesses
• Vehicles
• Valuables
• Retirement accounts and pension benefits
• Debts
Dividing Assets and Debts in an Illinois Divorce
• After determining which property is marital property, the couple (or the judge) will assign a monetary value to each item. Determining an item's value can help determine whether a specific property distribution is fair and equitable.
• Couples can divide their assets and debts on their own by reaching a divorce settlement agreement. A settlement agreement should resolve all issues in your divorce. A judge will review any proposed settlement agreement and must approve it before your divorce can become final.
Dissolving a marriage is not always easy, particularly when the couple has acquired a number of assets throughout the years. While property division is to be done in an equitable manner, you need to make sure that you receive a fair share. Our skilled legal team understands the complexities that are involved in the division of property. We are here to guide the process and ensure that you get your fair share in a divorce.
Visit https://bruninglaw.com/how-is-property-division-handled-in-illinois-divorce/ for more information.
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