Many people have heard horror stories about divorcing spouses who are left with virtually nothing after the split. Their spouse took the house, the car, and even the dog in the divorce. While most divorce cases are not nearly as dramatic as these exaggerated stories would lead one to believe, protecting property rights is a crucial element of any divorce case.
If you are getting divorced, it is important to understand and assert your rights with regard to household items, real estate, retirement accounts, cash, and other property.
Negotiated Settlements Versus Divorce Trials
Illinois courts will generally uphold any agreements or settlements that spouses reach with regard to the division of property in a divorce. You and your spouse have the right to divide your shared property however you see fit. In an amicable divorce case, the spouses may be able to sit down and discuss a fair division of assets without the court’s involvement. Even if the split is amicable and cooperative, it is best to get legal advice from an attorney regarding property division during divorce. There may be tax-related consequences and other legal factors spouses have not thought about that can heavily influence the decision.
If the spouses cannot reach an agreement, litigation through their respective attorneys may be necessary. Each spouse’s attorney advocates on his or her client’s best interests and fights for a favorable settlement. The attorneys may be able to meet in the middle and find a solution that both spouses accept.
Illinois Law Regarding Marital Assets in a Divorce
In most cases, divorcing spouses eventually reach an asset division settlement with help from their attorneys. However, some cases do eventually end up at trial. In a divorce trial, the spouses’ respective attorneys will provide evidence and oral arguments to the judge who makes a decision about how to divide property.
Illinois law states that marital assets are those assets which were acquired during the marriage. Inheritance, gifts, and assets acquired before the marriage are non-marital property. Each spouse keeps his or her own non-marital property. Marital property is divided equitably between the spouses based on the spouses’ financial circumstances, each party’s contributions to the marital estate, child custody arrangements, and other factors.
Contact a Crystal Lake Divorce Attorney for Help with Asset Division
If you are getting divorced, reach out to the McHenry County divorce lawyers at Botto Gilbert Lancaster, PC for help. Call our office today at 815-338-3838 to set up a free consultation.
Source:
https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm