Understanding the Asset Division Process in Illinois Divorces

 Posted on November 16, 2020 in Property Division

For many couples, the asset division process is one of the most contentious issues that they must face when they get divorced. Although the asset division process is not as emotionally charged as proceedings involving child custody or parental decision-making, the decisions made during the asset division process can be significant. The decisions you make when determining how you will split up your property and divide your debt have the potential to impact your life for years to come. If you are going through a divorce in Illinois, it is important that you understand how the asset division process works.

Illinois Is an Equitable Distribution State

Each state across the country has different divorce laws. Some states are considered to be “community property” states, which means they generally split all assets in an equal, 50/50 split. Illinois is not one of those states and is instead considered to be an equitable distribution state. This means that marital assets will not always be split in an “equal” manner, but they will always be distributed fairly and equitably. 

Illinois Differentiates Between Marital and Non-Marital Property

Another thing to understand is that not all property is even subject to division upon divorce. According to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), there is a difference between marital and nonmarital property, of which only marital property is subject to division upon divorce. Marital property is any property that was acquired by either spouse after the marriage but before a judgment of legal separation or divorce.

Debts Must Also Be Factored 

Another big issue that people forget about during the asset division process is that they must also divide all of the debt that they have taken on with their spouse. Just like asset division, debt is divided in an equitable manner based on a variety of factors. For example, if a couple has an automobile loan that needs to be allocated and one spouse is a homemaker and the other spouse is employed, it is unlikely that the court would allocate the loan to the unemployed spouse.

Contact a DuPage County Divorce Attorney Today

The asset division process can be one of the most difficult and contentious periods in your divorce, especially if you and your spouse are unable to work out an agreement with one another. At the Law Office of Ronald L. Hendrix, P.C., we can help you come up with a financial plan for after your divorce. Our knowledgeable Naperville asset division lawyer has been practicing family law since 1985 and has experience helping clients settle property issues through collaborative law, mediation, and litigated means. To schedule a free consultation, call our office today at 630-355-7776.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000