Divorce is a financial process as well as an emotional one. The parties must formally divide their assets as well as their debts. If they cannot come to an agreement, the issue is decided by a judge under the legal principles of equitable distribution. Here are the basics of Illinois property division:
In Illinois, each party in a divorce keeps their own separate property called “non-marital” property. Non-marital property may include:
Marital property is the term for assets and debts acquired during the course of the marriage, or sometimes non-marital property “transferred into some form of co-ownership” during the course of the marriage. The category may include items such as homes, vehicles, saving accounts and retirement plans. Marital property is divided equitably between the parties, but equitably does not necessarily mean equally mathematically. When determining the issue of equitability, a judge looks at all the factors, including:
Illinois property distribution laws are complex. In many cases, it is not clear whether an item constitutes marital or non-marital property. If you are facing a divorce, you need to consult with an experienced Cook County property division lawyer in order to protect your assets. Call our office today to schedule a consultation with a dedicated Illinois attorney.