Asset Division in a Divorce
Equitable Distribution of Debts and Assets
If you are considering a divorce, you likely have questions and concerns about how the division of your assets and debts will be handled. It’s normal to feel like you just want to “get it over with” but the decisions made during your divorce will likely have an impact on your finances for years to come. It is critical to make sure that the division of marital assets are correctly calculated and enforced. The attorneys at Giamanco & Ooink have the experience and expertise to protect your interests and ensure the best possible outcome for you and your family.
How Property is Divided in an Illinois Divorce
In “Community property” states, the divorcing spouses split assets “50/50”, but Illinois is not a community property state. Illinois divides marital assets based on “equitable distribution” which means that the assets are divided based on what is fair based on the circumstances around the marriage and divorce. There are several factors that may be considered when dividing marital property including:
- The contributions of each spouse to the marital estate
- The age, job history and potential and resources available to each spouse
- Any existing spousal maintenance or support orders
- If applicable, provisions being made for the couple’s children
- The length of the marriage
This “Equitable Distribution” approach is beneficial because it considers each divorcing couple’s specific situation and attempts to divide the assets in a way that is fair and equitable to both spouses. We can help you understand how Illinois asset division law works, and how they would apply to your unique situation.
What Assets are Divided in a Divorce? Marital vs Non-Marital Property
Before equitable distribution of the assets can be happen, divorcing couples need to settle on what assets will actually be divided. Marital vs. Non-Marital property aims to take what assets each spouse had before the marriage into consideration.
“Marital Property” is all of the property that was obtained during the marriage with few exceptions.
“Non-Marital Property” is typically any assets that each spouse had previous to the marriage as well as any gifts or inheritance
Hidden Assets and Reckless Spending
There have been instances where one spouse tries to work around asset division laws and either hide assets, transfer assets into a separate account or quickly spend money before it can be accounted for. If you believe your spouse may be trying to hide or burn through finances, talk to a lawyer as soon as possible. Keeping good records and being aware of what amounts of money are in different accounts is incredibly helpful when possible. However, we understand that there are spouses who are more or less “in the dark” when it comes to household finances. We can help you protect your rights by knowing what to look for and helping you gain access to information.
Questions about Asset Division? We Can Help.
Learn more about how our family law and asset division lawyers can help protect your financial interests through the divorce process. The decisions made now will have an impact on your family’s financial future for years to come. Contact the experienced Bolingbrook attorneys at Giamanco & Ooink today.