One 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:
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.