How Is Property Divided in an Illinois Divorce?

 Posted on February 10,2021 in Family Law

The merging of two lives through marriage also includes considerable financial melding. Dividing funds and property during a divorce is often one of the most complicated and contentious parts of the divorce process. If you are thinking about getting divorced in Illinois, it is important to know your rights regarding property distribution. You and your spouse may be able to reach your own property settlement or the court may need to intervene. An experienced divorce lawyer can assist with property division negotiations or represent you in court during a trial.

Reaching a Property Division Agreement With Your Spouse

Spouses have the option of deciding their own property division agreement without the court’s input. However, doing so without professional support can be very challenging. It can also result in a settlement that is unfairly biased toward one party. An experienced divorce lawyer can help you and your spouse negotiate property division issues and reach a mutually agreeable solution. During an Illinois divorce, each spouse is expected to submit a full inventory of his or her assets, income, and debts. Some spouses “forget” to include assets or underreport their income. If you have any concerns about hidden assets or financial fraud during your divorce, hiring a skilled divorce lawyer is essential.  

Property Division Through the Courts

If a settlement cannot be reached out of court, the case will go to trial. Illinois courts make property distribution decisions based on a legal theory called “equitable distribution.” Marital property and debt are divided fairly based on many factors including:

• The spouses’ income, employability, health, and age

• The duration of the marriage

• Any prenuptial agreement

• Each spouse’s financial needs

• The spouses’ contributions to the marital estate

• Any dissipation or waste of marital property

• Child custody arrangements

Only marital property is divided by Illinois courts during a divorce. Marital property is most of the property acquired by either spouse during the marriage. Inheritance and gifts are typically classified as non-marital property even if they were obtained during the marriage. Property that a spouse entered into the marriage already owning is considered separate property. This non-marital or separate property is assigned to the spouse who originally owned it during a divorce. However, property division is rarely this straightforward. The identity of property as marital or non-marital can change depending on how the property is used or spent during the marriage. Hard-to-value property and complex assets also complicate property distribution during divorce.

Contact a DuPage County Divorce Lawyer

Property division can be one of the most challenging aspects of divorce. For help negotiating a fair settlement and legal guidance regarding other divorce-related concerns, contact a skilled Glen Ellyn divorce attorney from NN Legal Group. We are well-versed in Illinois divorce laws and know how to protect your rights. Call us today at 630-474-0925 to set up your free, confidential consultation.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050K503.htm