Understanding the Distribution of Marital Assets in Divorce

 Posted on January 13,2017 in Division of Property

Issues of money and property are often among the most contested elements in any divorce situation. A couple who has spent many years building a life together frequently have trouble disengaging from one another, at least in regard to their assets and debts. When divorcing spouses cannot reach a negotiated agreement regarding how their property will be divided, the court will make such decisions for them. The Illinois Marriage and Dissolution of Marriage Act (IMDMA) provides fairly straightforward guidelines for the distribution of marital property which must be followed by the court.

What Property Will Be Divided?

Before any assets can be distributed, the court must first identify the property that is subject to division. Only assets and debts that are considered marital property will be divided between the spouses. The full listing of a couple’s marital property is sometimes referred to as the “marital estate.” According to Illinois law, the marital estate consists of virtually all property—including assets and debts—acquired by either spouse during the marriage. Very limited exceptions may be made for assets acquired during the marriage as a gift or inheritance to one spouse. Assets that were owned before the marriage are considered non-marital and are not subject to division.

Distributing the Marital Estate

Perhaps the most surprising element of the property division process for many couples is that Illinois law does not guarantee or even suggest that marital property should be divided equally between divorcing spouses. Instead, the IMDMA provides that the marital estate will be allocated between the parties in a manner that is fair and just, based on the circumstances of the marriage and divorce. In deciding how much of the marital estate to give to each spouse, the court must consider:

• The contributions of each party to the marital estate, including those of a stay-at-home parent or spouse;
• The length of the marriage;
• Each party’s relevant economic circumstances;
• Each party’s age, health, and employability;
• Any claims of dissipations by either party;
• Parenting arrangements being made for parties’ children;
• Orders for spousal maintenance;
• Previous obligations from prior marriage or relationship;
• The tax consequences that will arise as a result of allocating property; and
• Any prenuptial or postnuptial agreement between the parties.

Qualified Legal Guidance

With so many variables, it is nearly impossible to predict exactly how the court will divide marital property in your situation. The experienced Kane County divorce attorneys at Goostree Law Group, however, can help you build a case designed to facilitate a favorable decision by the court. To learn more about the property division process in Illinois, contact our office. Call 630-584-4800 for your free consultation today.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=0&SeqStart=6100000&SeqEnd=8350000