Equitable Property Distribution in Illinois

 Posted on October 25,2013 in Divorce

When divorcing, there are several factors that come into play. One of the more complicated processes of divorce—an aspect that has long-reaching effects well beyond divorce proceedings—is the distribution of property. Generally, anything acquired during the marriage, regardless of which partner’s name the purchase was in, is considered marital property and is liable to be split evenly. Yet states all have their own rules when it comes to property division after divorce, and, according to the Huffington Post, this matters. Most states, Illinois included, “use a set of rules called equitable distribution to divide a couple’s assets.” While this places “considerable power in the judge,” a fallible human being who happens to be presiding over that particular divorce, this is what most people consider the fairest way to divide marital property.  

According to Divorce Mag, “the premise underlying the Equitable Distribution Law is that marriage is, among other things, an ‘economic partnership’ to which both parties contribute as spouse, parent, wage earner, and/or homemaker.” Equitable distribution laws allow for one spouse who may not have been the primary earner to have some financial recourse following the divorce. It’s important to bear in mind that not everything a couple owns is necessarily considered marital property. Marital property, according to Divorce Mag, “is defined as all property acquired by either or both spouses during the marriage from the date of the marriage through the commencement of a matrimonial action or the execution of a separation agreement.” This means, of course, that if you’re planning on buying a new car and you’re planning on getting divorced, it could save you money in the long run to wait to buy that car until the divorce proceedings have been initiated. Otherwise, your soon-to-be-ex spouse will be entitled to half of that car. Property that is always separate includes that which either spouse owned before the marriage, personal injury compensation, and property defined as separate in an agreement such as a prenup. If you or someone you know is considering divorce and looking for advice about property distribution, the most important step is to seek the counsel of an experienced family law attorney. Don’t go through it alone. Contact the offices of Goostree Law Group today.