Married couples gain assets in a variety of ways. You and your spouse may enter your marriage with certain assets or acquire assets during your marriage, either together or as individuals. At the same time, you may also have liabilities, again either as individuals or together.
Assets and property are certainly important during a marriage, but they often take center stage during a divorce. Like many other aspects of divorce, property division can be daunting and complex. As experienced property division lawyers, our dedicated firm could work with you to manage the finer details of property division while also advocating for your best interests.
Illinois is an equitable division state, which means that a court will not necessarily split marital assets right down the middle during a divorce. Instead, Illinois courts typically approach property division by focusing on what a fair division of assets would be, not necessarily a perfectly equal one.
You and your spouse may negotiate and present your own property division agreement, but it falls to the court to determine if that agreement is acceptable. If you cannot agree or if a court sees fit to reject your agreements, the court will use uniform factors in making its determination.
The laws in Illinois governing property division, found in 750 Illinois Compiled Statutes 5/503(d), direct courts to prioritize certain factors when determining 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 should consider, as property division could actually have a significant impact on tax liability.
If your marriage ends in divorce, then the divorce process should be as fair and equitable as possible, especially when it comes to property division. Our experienced lawyers understand the various factors that play into property division and the roles 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 in Will County and are concerned about the division of your marital property, legal assistance from our firm could help you effectively face the challenges property division can present. Call today to schedule a consultation.