• Twitter
  • Facebook
815-726-9200
Free Initial Consultation 815-726-9200
Mevorah Law Offices LLC

6 Convenient Locations

  Twitter Facebook  

Free Initial Consultation

815-726-9200
Se habla español
Se habla español

How is Marital Property Divided in Illinois?

Posted on in Divorce

b2ap3_thumbnail_Untitled-design-5.jpgOne of the most difficult aspects of divorce is dividing up marital property. All assets and debts that have been acquired during a marriage are considered marital property. Tangible items such as houses, cars, cash, and household goods as well as intangible items such as stock options and debts like medical bills are all examples of marital property. Marital property does not include any property acquired before a marriage, gifts or inheritances to one spouse, or any property acquired by a spouse after legal separation.

In Illinois, marital property is divided equitably or fairly rather than equally. If possible, a couple should figure out how they will divide their property through divorce mediation or another method of alternative dispute resolution. By doing so, they can avoid a great deal of emotional trauma and have more control over how their assets and debts are divided.

If a couple cannot agree on how to divide their marital property, a judge will step in and decide how it should be divided. There are a number of factors a judge will look at prior to making a decision. Some of these factors include:

  • How much each spouse contributed towards purchasing, maintaining, and/or losing property
  • The length of the marriage
  • The economic situation of each spouse
  • Rights from a previous marriage
  • Prenuptial or postnuptial agreements
  • The age, occupation, income, health, and needs of each spouse
  • Future child support 
  • Tax consequences

Once the judge takes these factors into consideration, they have the right to divide the couple’s property in any way that they believe is fair. In the event that it would not be fair to allow either spouse to keep a certain piece of property, the judge may suggest that it be sold so that the proceeds can be divided between each spouse. 

The judge may also recommend that a particular piece of property be saved for the couple’s children through a trust fund. Regardless of the couple’s situation, the judge will use creative arrangements to ensure that all marital property is divided fairly. 

Consult Our Will County Divorce Lawyers Today

Dividing marital property can be a complex and emotional process. To ensure your rights are being protected and your marital property is divided in a fair manner, it is in your best interest to consult our experienced Will County divorce lawyers today. Call our firm, Mevorah Law Offices LLC, at 630-932-9100 or contact us online. 

 

Source:

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm 

 

Recent Blog Posts

Categories

Archives

  • AVVO Rating 10 Top Attorney Personal Injury
  • Elite Lawyers
  • National Association of Distinguished Counsel
  • Top 40 Under 40
  • 2015 Top 40 Lawyers Under 40
  • Super Lawyers

Let us start helping you with a FREE initial consultation.

NOTE: Fields with a * indicate a required field.
*
*
*