Is My Spouse Entitled to Half of My Property During an Illinois Divorce?

 Posted on April 04, 2019 in DIvision of Property

If you are considering divorce, you probably have several questions and concerns. One of these may the question of how your property, assets, and debts will be split between you and your spouse. In an Illinois divorce, marital property and debt are divided according to “equitable distribution” laws. Of course, determining exactly what is equitable is not always easy, and many factors go into asset division decisions.

Only Marital Property is Divided

During an Illinois divorce, the only property which is subject to division is marital, or shared property. At first glance, it may seem easy to distinguish marital property from separate, or non-marital property. The marital estate, as it is called, generally includes property acquired during the marriage and separate property includes assets which the spouses owned prior to getting married. However, there are many exceptions to these generalizations. Certain gifts and inheritances acquired during the marriage are still considered separate property. However, if separate property is comingled, or mixed, with maritirel property, the funds or property may all be considered marital. For example, if a husband receives an inheritance from a deceased relative during the marriage, this is likely separate property. However, if he then uses these funds to pay for combined expenses, the whole amount may be considered marital property during divorce.

Illinois Divides Property Equitably, Not Necessarily Evenly

Some states divide marital property 50-50 during divorce. However, Illinois takes a different approach. Illinois uses a method called equitable distribution to determine how assets and debt should be divided during a divorce. Many factors are considered by the court in order to determine the most reasonable and fair division of assets. These factors include, but are not limited to:

• Each spouse’s contribution to the marital estate, including non-financial contributions made by a spouse as a homemaker or stay-at-home parent;
• Any dissipation (wasting or hiding) of assets;
• The value of both marital and non-marital property assigned to each spouse;
• The duration of the marriage;
• The employability and financial circumstances of each spouse;
• Any child support or spousal maintenance (alimony) from prior relationships;
• Any valid prenuptial or post-nuptial agreement;
• The mental and physical health of each spouse;
• Child custody (allocation of parental responsibility) decisions;
• Spousal maintenance (alimony) decisions; and
• Tax consequences of property division.

Contact a DuPage County Divorce Attorney

For more information about asset division during an Illinois divorce, contact the experienced Wheaton divorce and family law lawyers at Stock, Carlson & Asso. LLC. We can work with you to determine the best course of action for your unique circumstances. Call 630-665-2500 to schedule a consultation today.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&SeqStart=3700000&SeqEnd=5200000