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How is Real Estate Handled in an Illinois Divorce Case? 

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Joliet Property Division Lawyer

If you are thinking about ending your marriage, you may have hundreds of questions running through your mind. Who will get the house? What about our vacation properties? Should we sell our house and split the proceeds?

The marital home and other real estate properties are often considered marital property in a divorce. This means that both spouses have a lawful right to a portion of the property's value. It is important for anyone getting divorced to understand how Illinois property division laws can influence the outcome of the divorce so they can better prepare.

Marital Versus Non-Marital Assets

Most of the time, a married couple purchases a home together. Any assets purchased during the marriage are included in the marital estate, except for assets obtained through inheritance. Non-marital assets are those assets that a spouse entered into the marriage with. A prenuptial agreement may also exclude assets from the marital estate.

Property Division Settlements

Spouses may be able to negotiate the division of assets and debts during the divorce process. Some attend divorce mediation and work with a mediator to discuss how to divide assets. Others negotiate through their respective attorneys. Depending on the spouses' financial circumstances and future plans, it may be best to sell some or all of the real estate and use the proceeds to pay off joint debts. Alternatively, one spouse may retain the home while the other spouse is compensated for his or her portion of the home's value with other assets.

Asset Division Through the Court

If the spouses cannot reach an agreement about what to do with real estate and other types of marital property, the court will make a determination for them. According to Illinois law, the court must divide the marital estate "equitably." This does not necessarily mean that the property will be divided evenly between the two spouses. Instead, the court will consider a variety of factors when making its determination, including:

  • The contribution of each spouse to the acquisition of the property, including any contributions as a homemaker

  • The value of each spouse's separate property

  • The financial circumstances of each spouse

  • Child custody arrangements 

  • Financial obligations and income from a prior marriage or relationship of one spouse such as spousal support or child support

  • The duration of the marriage

  • The age, health, job, employability, and income of each spouse

Contact our Joliet Property Division Lawyer 

The Plainfield, Illinois divorce attorneys at Law Offices of Tedone and Morton, P.C. can help you negotiate the division of marital debts and assets during your divorce. Call our office at 815-666-1285 for a free consultation. 

 

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

 

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