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.

What is Marital Property?

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.

Types of Non-Marital Property

Pursuant to 750 Illinois Compiled Statutes 5/503(a), state law defines non-marital assets and property as the following:

  • Property obtained by either a gift or inheritance
  • Property obtained in exchange for pre-marital property
  • Property obtained after legal separation
  • Property not included in a valid agreement, such as a premarital or postmarital agreement
  • Any property obtained by a court order from one spouse to the other
  • Property obtained prior to the start of the marriage
  • Value increase of non-marital property
  • Income from any property obtained

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).

Guidelines to Property Division in Mokena

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.

Call a Mokena Division of Assets Attorney Today

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.