Division of property can be one of the most divisive moments during a divorce, because not always does everyone get exactly what they want. This is especially so when you live in a state like Illinois.
Illinois is an equitable distribution state, which means that marital assets are not equally distributed between spouses. Rather than dividing everything 50/50, the judge looks at each party’s current condition and future needs to determine what they get. Most cases are resolved with 70/30, 60/40 splits, and rarely some even give all marital property to one party.
The state of Illinois considers several factors before deciding on an asset division arrangement that is reasonable and fair for both parties.
Marital property refers to property gained during the marriage. This includes real estate, bank accounts, cars, retirement/pension plans, stocks, and other assets.
Illinois courts make marital property divisions based on various factors that are listed in Illinois law. They include:
One important thing to keep in mind during a divorce is that dividing marital assets is inherently about compromise. You will not get everything you want, and the distribution process will involve you giving up your interest in a certain asset in exchange for sole ownership of another. Try and identify each other’s priorities for you to come to terms with the process.
Secondly, overlooking marital assets can lead to complicated problems post-divorce. To ensure you do not encounter any problems down the line, take the time to meticulously identify all your marital properties and put in the effort to comprehensively divide your assets during your divorce. The last thing you want is to wake up one morning and discover that you and your former partner still jointly own a piece of property after the divorce.
Going through a divorce is not an easy process. Dividing your marital assets during divorce is even harder, especially if you have no one to help you out with the legal process. Several factors are expected to be presented to the courts to receive the fairest split. This could be challenging and mentally anguishing at the same time.
No matter where you are in the divorce process, Johnston Tomei Lenczycki & Goldberg LLC in Lake County, IL is ready to help. Our team of professionals has helped countless divorcing spouses understand their responsibilities and rights when it comes to property division during divorce. Contact us today to schedule a free consultation.
Phone Number: (847) 549-0600
Fax Number: (847) 589-2263
350 N. Milwaukee Ave., Ste. 202
Libertyville, IL 60048
223 N. IL. Rt. 21, Ste. 14
Gurnee, Illinois 60031
2100 Manchester Road, Suite 920
Wheaton, IL 60187