How Do Spouses Divide Property During an Illinois Divorce?

 Posted on January 14, 2022 in Property Division

When two people marry, they join their lives as well as their finances. A huge part of the divorce process is reversing this financial entanglement. Spouses will need to either decide how to divide their jointly held assets or have the court divide assets for them. This process can become very complicated, especially when spouses have complex or high-value assets.

Out-of-Court Property Division Settlements

Ideally, divorcing spouses can work out a property division agreement on their own. Out-of-court settlements can save divorcing spouses time, frustration, and money. There are several alternative resolution methods that may help spouses reach an agreement on the division of debts and assets. Mediation is a process during which spouses meet with a mediator who helps them discuss unresolved divorce issues and develop a solution that works for both parties. Collaborative law is a process during which the spouses and their attorneys work collaboratively to reach a divorce settlement.

Property Division Decided by the Court

Some spouses are unable to reach a property division settlement through alternative resolution methods or other means. In this case, the court will divide marital property based on a legal doctrine called “equitable distribution.” The couple’s shared property will be divided fairly based on many different factors, including:

• Any prenuptial agreement or other valid agreement
• The length of the marriage and standard of living established in the marriage
• The spouses’ financial and non-financial contributions to the marital estate
• The spouses’ financial circumstances
• Any spousal support and child support obligations
• Child custody arrangements
• Any claims of dissipation of assets or hidden assets
• Tax consequences of property division

Complicating Factors During Asset Division

The division of debts and assets in a divorce can be complicated – even if the divorce is uncontested. Valuing assets like professional practices, business interests, pensions, stocks, cryptocurrency, and artwork can be arduous. Usually, complex assets like these require a professional appraisal before the assets can be addressed during property division. Commingled assets, or assets that have been mixed together, can also complicate asset division. For example, property obtained by inheritance is classified as nonmarital. However, if it is mixed with marital property, the inheritance may lose its identity as non-marital and be considered part of the marital estate.

Contact a Naperville Divorce Lawyer

If you are getting divorced, contact the knowledgeable Will County property division attorneys at Law Office of Ronald L. Hendrix, P.C. for help. Our team can help you evaluate your options and take the steps needed to separate your property. Whether property is divided through a negotiated settlement or litigation, we will ensure your rights are protected. Call 630-355-7776 today.

Source:

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