How Is Marital Property Divided During an Illinois Divorce?

 Posted on November 09,2020 in Division of Property

Most of the decisions you make during your divorce can and probably will affect you for the rest of your life, but one of the most important decisions you and your spouse must come to is how you will divide your marital estate. For many couples, this can be an emotional and highly contentious process because of the importance placed on their belongings and the need to have financial security after the divorce process has been completed. The way marital property is divided can affect a person’s financial stability or even their ability to retire later in life. With so much at stake, Illinois courts urge couples to try to come to an agreement on their own about property division, though, if they cannot, they will have to take the issue to court.

Factors for Consideration

If a couple is unable to reach an agreement about how their marital estate will be divided, they will have to appear before a judge so that he or she can make a determination for them. If this happens, the judge will only make decisions about marital property, which means most property that was acquired after the couple was legally married but before a judgment of legal separation was entered. The judge will consider a variety of factors, including:

• Any accusations of wasteful spending or dissipation of assets by either party.

• The contribution each spouse made to the acquisition, preservation, or change in value of the property.

• The duration of the marriage.

• The monetary value of the property assigned to each spouse.

• Any obligations, such as child support or spousal maintenance, stemming from a prior marriage for either spouse.

• The relevant economic circumstances of each spouse.

• The age, health, occupation, amount and sources of income, and employability of each spouse.

• The needs of each spouse.

• The custodial provisions for any children shared by the couple.

• Whether or not spousal maintenance will be awarded to either spouse.

• The opportunity of each spouse for further acquisition of assets and income.

• The tax consequences of the property distribution.

Contact a Kane County Divorce Attorney

The entire divorce process can be difficult and stressful, but dividing the marital estate can be especially straining. At Goostree Law Group, our team has many years of experience helping families through the divorce process. Our knowledgeable St. Charles, IL property division lawyers will help you determine which property is subject to division and ensure you get your fair share of your marital assets. To schedule a free consultation, call our office today at 630-584-4800.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000