Making the decision to separate from your partner is already emotionally challenging. When you have to go through the process of splitting up marital property, it can be confusing and even more stressful. At The Crosby Law Firm, our divorce attorneys in Rockford have helped oversee both simple and complex marital estate division proceedings.
If you’re asking, How is property divided in a divorce? Continue reading to learn more about the laws surrounding property division in Illinois.
What Does Equitable Distribution Mean?
Many states aim to split all marital property exactly down the middle in divorce cases. However, Illinois has a different way of evaluating what is ‘equal.’ It comes down to the difference between community property VS equitable distribution.
Equitable distribution is where assets are divided based on what is considered fair by the court, which often is not a perfectly even, 50-50 split. This is applied to property, as well as other assets and debt. In Illinois, judges consider many different factors when deciding fair property division.
Relevant factors may include (but are not limited to):
- Prenuptial agreements
- Each person’s employability
- Each person’s economic circumstances
- Whether a spouse will be receiving alimony
- Tax consequences relating to property division
- Child custody responsibilities
Additionally, in Illinois, divorce laws for property division also take into account marital property VS separate property.
Marital VS Separate Property
In Illinois, there is a distinction made between property that was acquired before the marriage and after. Most belongings purchased after the marriage, with marital funds, are considered marital property. Property and funds that either spouse acquired prior to entering into the marriage is considered separate property. Separate property can also include gifts or inherited property, or property acquired after a legal separation.
Ownership over specific property items or funds can also be clarified with a prenuptial or postnuptial agreement.
Understanding the full scope of what each spouse is entitled to requires the legal experience and knowledge of a qualified attorney. Reach out to The Crosby Law Firm today to schedule a free initial consultation.
Who Gets the House in A Divorce in Illinois?
There is no one rule to determine who gets the house when dividing assets. Oftentimes, a child-free divorcing couple will sell the house. If the couple has kids, a judge may award the home to the custodial parent in order to preserve a stable environment for the children. When one spouse continues to live in the marital home, judges may require the residing spouse to buy out the other person’s equity.
At The Crosby Law Firm, we can help you understand what you’re entitled to when filing for divorce. Our attorneys have years of experience working with clients in Rockford, IL and the surrounding areas. Contact us today and we’ll fight for your equitable share of marital property.
Contact Our Divorce Lawyers
The Crosby Law Firm has experience in a wide range of practice areas, including divorce and family law. We can represent you through even the most complicated divorce proceedings.
If you’re asking, How do you divide property in a divorce? Or What am I entitled to in a divorce? Contact us today to request a free initial consultation.
