Married couples gain assets in a variety of ways. They may come into the marriage with certain assets, or they may acquire assets during the marriage either together or as individuals. They may also have liabilities, again either as individuals or together.
Assets and property are important during a marriage, and they often take center stage during a divorce. Like many other aspects of divorce, property division can be daunting and complex. A Mokena property division lawyer could help you understand some of the details about property division while working with you to advocate for your best interests.
Prenuptial and postnuptial agreements can address areas of concern when it comes to property division. However, in the absence of these agreements, thinking about property division can be intimidating and come with a lot of questions. Understanding some of the basics of property division can help make the process more approachable.
Illinois is an equitable division state when it comes to dividing assets in a divorce. Equitable division—sometimes referred to as equitable distribution—means that a court will not necessarily split marital assets right down the middle, but will instead approach property division focused on what a fair division of assets would be.
Courts take their role in property division very seriously, and work hard to make their approach to it fair. Circumstances that led to the divorce will not impact how property is divided.
Couples may negotiate and present their own property division agreement, and the court will determine if such an agreement is to be accepted. When couples cannot agree or when a court sees it fit to reject an agreement between the spouses, it will use uniform factors in making its determination.
Property division can be a complex topic. Laws governing property division, found in 750 Illinois Compiled Statutes 5/503(d), direct the court to follow several factors when it comes to making a determination about a fair and equitable approach to property division. These factors include but are not limited to:
Taxes are another important but often overlooked factor a court will consider, as property division could actually have a significant impact on tax liability.
There are important nuances to each of these factors that might not seem apparent at first glance.
Working with an experienced Mokena property division lawyer may help you understand how tax implications and other factors involved in determining property division might apply to you.
Few people enter a marriage intending to get divorced. However, if divorce occurs, then it should be as fair and equitable as possible, especially in aspects related to property division. A qualified property division attorney in Mokena understands the various factors that play into property division and the role they play in the divorce process, and could be a powerful ally in your efforts to safeguard your rights and assets.
If you are considering divorce, a dedicated Mokena property division lawyer could work with you throughout the process. Experienced, attentive legal assistance may be an important factor in facing the challenges property division can present, so call today to schedule a consultation.