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Posted on in Divorce

Barrington divorce lawyers

The division of marital property is an essential part of the divorce process, but what some people forget is the division of debts. Whether credit cards, car loans, or student loans, it is important to take a close look at the debts that have accrued as a couple.

Every state has its own approach to dividing property, money, and debts. In Illinois, these are split according to what is equitable, not necessarily even, and takes various factors into account. Anything that is considered marital property can qualify for division. 

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Schaumburg Divorce Attorneys

Illinois is an equal distribution state, which means when assets are split between two parties in a divorce, the judge determines what is a fair division. This does not mean assets are split 50/50, however, and numerous factors are considered, including:

  • Length of the marriage.
  • How much each spouse makes.
  • Health and age.
  • Standard of living.

If the home you and your spouse lived in was marital property, one person will typically be granted the family home. This is usually the spouse who has primary residential care of any children under the allocation of parental responsibilities (formerly called custody). For the other spouse, this means finding a new residence. 

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Rolling Meadows divorce asset division lawyerDivorce is an emotionally daunting experience, but it can also be financially daunting, especially when it comes to the assets you own. Splitting your assets during divorce can be a lengthy process, and it can become frustrating if you and your ex-spouse get into bitter arguments about who gets what or how certain property should be allocated. Illinois law dictates that marital property is subject to equitable distribution, and non-marital property is not. In a nutshell, marital property includes any assets that were acquired during the marriage. It is important to understand how to divide certain assets, including the following types of marital property:

1. The House

The easiest way to divide this real estate asset is to sell your house and split the money. This works if neither spouse has a particular attachment to the home, and it offers an easier, less stressful way of dealing with what is often one of the most valuable marital assets. Before you sell your home, you should get the house appraised, ensuring that you know exactly what your property is worth.

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