Understanding Division of Assets in an Illinois Divorce

 Posted on July 10, 2020 in Divorce

The divorce process can be challenging for a number of reasons. Not only are two spouses making the difficult decision to end their marriage, but they will also have to navigate the legalities of a divorce. In the state of Illinois, marital assets are to be equitably divided between spouses during a divorce. It should be noted that this does not mean that both spouses will receive half of all assets. In order to ensure a healthy financial future for you and your family after your divorce, it is important to work with an experienced legal professional throughout the divorce process.

Asset Division in Illinois

As mentioned above, Illinois is an equitable division state, as it pertains to marital assets. This means that through careful consideration of a number of factors, the court will divide the assets in a fair manner. These factors include each spouse’s contribution to marital assets, the non-marital assets of each party, the duration of the marriage, the economic standing of both spouses, the presence of child support from a previous marriage, future income potential, and how child custody is awarded. In some cases, the court may order one party to pay spousal maintenance to the other party, even after equitably allocating marital assets.

In order to ensure that assets are equitably allocated, it is important to work with your attorney to gain an accurate appraisal of assets including shared business and residential properties. You and your attorney can work with an appraiser or other financial experts to present the court with a detailed estimate of asset value. Marital assets can include real estate, investments, money, and even debt. If spouses have a shared business, your attorney can work to ensure that the division of the business is conducive to continued business operation. Throughout the entirety of the divorce process, you need to be honest with your attorney regarding your financial situation and communicate your priorities.

Contact a Naperville Asset Division Attorney

At J. Aldrich Law, P.C., we fully understand how complicated the divorce process can become. With years of family law and divorce experience, we will do everything in our power to ensure that you receive an equitable share of marital assets. To schedule a free initial consultation with a knowledgeable DuPage County divorce attorney, contact us today at 630-953-3000.

Source:

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm#:~:text=503.,Disposition%20of%20property%20and%20debts.&text=Property%20acquired%20prior%20to%20a,acquired%20in