The division of marital property and other assets during a divorce can be an emotionally stressful and complicated legal process for both spouses involved. Every marriage comes with its own unique set of circumstances and attached assets, which demands a personalized approach. That’s why consulting with a trusted Naperville property division attorney with experience in family law and asset division in the state of Illinois is crucial.
An experienced property division and asset protection lawyer at Vahey Law & Mediation, LLC, can guide you through each step of this difficult process to ensure that your marital assets are divided both properly and fairly. Most divorces and their division of marital assets aren’t so simple. You need someone you can trust to help you achieve the resolution you’re searching for.
Illinois is an equitable distribution state, which means marital assets are divided fairly, but that doesn’t always mean equally. Instead of splitting all assets 50/50, the state court considers a number of different factors to determine how marital assets and property should be divided. Some of them include:
All of the above factors are carefully considered to determine a fair and equitable division of property and assets under the Illinois statute of equitable division.
There are a number of varying circumstances that are considered by the court when deciding upon marital property division. If the estate was acquired during the marriage, then it is typically considered marital property, which is subject to equitable distribution in the state of Illinois. However, just because the property was purchased under one spouse’s name, does not necessarily entitle them to sole ownership during property division, since marital property laws take precedence.
For example, if property was acquired before the marriage, it is non-marital property and is not part of the equitable division.
In each divorce case, the courts will consider all of these factors to determine fair and equitable distribution among both parties.
Both spouses are entitled to a fair share of the couple’s marital assets and property under equitable distribution in Illinois. Many factors are taken into account when coming to a decision, such as the duration of the marriage, each spouse’s financial contributions, non-financial contributions, child custody, current financial needs, and post-divorce economic circumstances, to name a few. None of these individual factors are cut and dry, so it’s always critical to contact your local asset protection lawyer with experience in family law.
In Naperville, Illinois, inheritance is generally considered non-marital property, which means that the inheritance would belong solely to the individual who received it and would, therefore, not be subject to equitable division in a divorce. However, there is one exception. If an inheritance is commingled with marital assets or it is used to benefit the marriage, the court may decide that it is subject to equitable distribution.
A trust fund that is established for the benefit of an individual may still be considered marital property. However, it greatly depends on the type of trust. Assets included in an irrevocable trust may be protected from equitable distribution in a divorce, but funds in a revocable trust are typically treated the same as any other marital asset.
Similar to an inheritance, if the trust is commingled with other marital assets, then the court may decide that it is also subject to equitable distribution.
Similar to marital assets and property, debt is typically divided equitably in a divorce. Any debt that an individual spouse acquired prior to the marriage, as well as after the separation, is their individual responsibility. Marital debts, which are debts acquired during the course of the marriage, are generally divided equally between you and your spouse with the guidance of an experienced asset division lawyer. However, creditors are still able to pursue either spouse for payment of debt acquired during the marriage.
Learn what options make the most sense for your unique situation, and reach out to your local family law attorney to receive personalized solutions to help you and your spouse move forward during this transition.
The division of property and other marital assets during a divorce can be just as financially complicated as it is emotionally stressful. Each spouse and each marriage come with their own unique set of circumstances, which require a nuanced approach. This makes it all the more essential to reach out to a trusted Naperville division lawyer to walk you through the entire process from start to finish.
Consulting with a reputable property division attorney with years of experience in family law, like the team at Vahey Law & Mediation, LLC, is paramount when it comes to ensuring equitable distribution per Illinois state law. Their attorneys can provide you with highly personalized counsel to achieve the most favorable outcome possible.
