Dividing marital assets and allocating debts during the divorce process might be a difficult experience. You may need to fight to keep an asset only to discover that the associated loan or operating cost is more than you could afford. A proposed property division may also seem unfair if you were the breadwinner and the other spouse provided non-economic benefits to the household, or vice versa.

An Orland Park division of assets lawyer could explain the balance between asset and debt allocation, warn you about financial consequences, and guide you through every step of the process. A seasoned divorce attorney from the Reidy Law Office could review all parts of property division and help you create a solid plan for your new life post-divorce.

Applicable Marital Property Division Laws

Under Illinois state law, assets are allocated under a system called “equitable distribution.” While this system may require marital assets to be divided fairly, this might not always mean a purely equal 50/50 division. You may have contributed more financial support to the marriage, or your spouse may have acquired more real property. In either scenario, one of you might receive more of one type of property than the other in an “equitable” distribution that represents your contributions to the marriage or expected needs.

All marital property may be eligible for distribution, regardless of ownership title. Marital property consists of all property a married couple may have acquired during their marriage. Some of the factors that could be considered when dividing marital property may include:

  • Duration of the marriage
  • Your age, health, sources of income, vocational skills, needs, and present and future earning power
  • The contribution of each spouse in the acquisition of an asset
  • Economic circumstances of the parties at the time of asset division
  • Terms of any alimony or maintenance agreement
  • Provisions for children, such as custody and support
  • Tax consequences to each party for any proposed asset division

After a divorce, an Orland Park division assets lawyer could help you understand the requirements necessary for this process.

Splitting Debts Between a Couple

Debts must also be apportioned between each party. Divisible debt obligations are those that were incurred during the marriage. Debts could be allocated between both divorcing spouses regardless of which spouse is named on the obligation.

The court could review all property settlements even if the parties agree to the terms and sign the separation agreement outside of court. Court review might be necessary to ensure the agreement is fair and equitable given the circumstances of each party. An agreement that is clearly unbalanced and one-sided may be rejected by the court and required to be re-drafted. Our division of assets lawyers in Orland Park could help you draft a fair agreement that gets approved by the court.

Work with an Orland Park Division of Assets Lawyer

It may be crucial to divide marital assets and debts fairly and equitably. To that end, an Orland Park division of assets lawyer could suggest solutions for a property settlement that might give you the necessary requirements to start a new chapter in life. Our experienced and compassionate staff could help you navigate this emotionally charged time and negotiate and advocate on your behalf no matter what kind of divorce you find yourself pursuing. Call (708) 942-8428 today for an appointment.