In a divorce, issues regarding the division and distribution of marital property and assets can result in a lengthy legal process. If you are a resident in Mokena going through a divorce, it may be advisable to consult with a divorce attorney experienced in the division of assets. A Mokena division of assets lawyer is available to help with any such obstacles preventing an agreeable resolution to your divorce.
In Illinois, 750 Illinois Compiled Statutes 5/503 defines “marital property” as any and all property, including debts and other obligations, obtained by either spouse during the marriage and before the final divorce judgment. Different kinds of marital property can include the marital home, vehicles, bank accounts, furniture, co-owned non-marital property, retirement funds, stock options, life insurance policies, etc.
Because Illinois is an “equitable distribution” state, the court will divide marital property in a way that is just and equitable, without regarding any marital misconduct. Dividing assets equitably does not mean splitting them 50/50 or into perfectly equal shares, but rather doing so based on what the court deems is fair.
Pursuant to 750 Illinois Compiled Statutes 5/503(a), state law defines non-marital assets and property as the following:
However, if any non-marital property is “comingled” with other marital property, it becomes marital property and is subject to equitable division, according to 750 Illinois Compiled Statutes 5/503(c)(1)(B).
750 Illinois Compiled Statutes 5/503(d) allows the court to consider various factors when dividing marital assets and property in an equitable manner.
Common factors included in these considerations have to do with the property’s monetary worth. These include each spouse’s contribution to the acquisition, preservation, or change in value of the property; each spouse’s dissipation of the property; and the value of the property.
Certain details of the divorce itself may play roles as well, such as each spouse’s age, health, occupation, income, job skills, employability, estates, liabilities, and needs. Additional relevant factors may include the length of the marriage, each spouse’s relevant economic circumstances, any obligations or rights from a former marriage, and any existing premarital or post-marital agreements
Depending on custodial requirements for any children, it may be more equitable for one spouse to receive certain marital assets such as a house purchased jointly by both spouses.
Finally, economic considerations often factor into the final asset division decision. If the apportionment is in lieu of or in addition to spousal support, it may affect what assets each spouse receives—as may each spouse’s reasonable chance for future acquisition of capital assets or income and the tax consequences of the property division.
A qualified and compassionate division of assets attorney in Mokena could provide you with legal advice and answer your questions about what marital property is in legal terms, your obligations or rights to marital property, what is considered non-marital property, comparisons between marital and non-marital property, and factors that determine property division under state law.
If you are involved in a divorce dispute regarding marital property, a Mokena division of assets lawyer may be able to help. Contact our firm now to see what can be done in your case.
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