Division of Marital Property in Illinois Divorce
Chicago - Schaumburg - Northbrook - Wheaton Divorce Attorneys Protecting Your Interests
The division of marital assets and debt is one aspect of dissolution of marriage. If the decision of marital property division is left to the family court judge, he or she will seek to make an "equitable distribution" of the assets and debt. "Equitable" does not mean equal, however. Some of the factors that the Illinois family court will consider include:
- The length of the marriage,
- Whether either party has significant non-marital assets (including assets excluded from the marital estate by a premarital agreement)
- The age, health, and income of the two parties
- Whether one party contributed to the increased earning potential of the other
- The standard of living of the parties during the marriage
- The tax consequences of any award
- Whether either party will be serving as the primary custodial parent of any minor children.
At Anderson & Associates, P.C., we help clients in Cook County and DuPage County negotiate property settlement agreements that are fair, reasonable, and that protect the financial stability of the client. When negotiation is not effective, we represent our clients vigorously in family court.
For more than 20 years, we've been providing sensitive and effective legal counsel in divorce. To learn more about how we can help you with the division of marital assets, contact our law offices or call 312-345-9999 (Chicago) or 847-995-9999 (Schaumburg office) or 630-653-9400 (Wheaton office) to schedule a free initial consultation.
Non-marital property is not included in the equitable distribution process. Examples of non-marital property can include property that one spouse owned prior to the marriage, inheritances received by one spouse during the marriage, gifts to one spouse, property sold or disposed of in good faith during the marriage, and property excluded by a valid prenuptial agreement.
While non-marital property is excluded from division, the increase in value of such property during the marriage may be considered a marital asset. Furthermore, if a spouse decides to use non-marital funds or property for a common purpose, those assets become marital property.
A skilled property division attorney can help you understand what is and is not considered marital property in your particular situation.
Marital assets include property and income acquired during the marriage, such as a home, a family business, furniture, retirement accounts, cars purchased during the marriage, and investments. A particular asset may be considered a marital asset even if it was acquired in only one spouse's name as long as it was acquired during the marriage and was not purchased with non-marital assets.
Is an Asset Marital or Non-Marital
Some assets may have both a marital and non-marital component. In that case, the non-marital value of the asset is excluded from the equitable distribution process.
Marital debts are debts that accumulated during the marriage but before the date of final separation. Marital debts include such things as mortgages, loans, credit card balances, tax obligations and judgments. A debt may be a marital debt even if only one of the parties contracted for the debt, as long as the debt was incurred during the marriage.
To speak with an experienced Illinois divorce lawyer about your property concerns in divorce, contact our Chicago area law offices in Wheaton or Schaumburg to schedule a free initial consultation.
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