What Properties Must Be Divided in an Illinois Divorce?
In a divorce, you and your spouse will have to split up all of the property you acquired together as a married couple. This is easier said than done, as you may have many assets that may have to be uncovered. Moreover, you will have to decide how those assets should be divided, whether you agree to handle it in a negotiated property settlement or through litigation.
No matter how complex or simple your divorce turns out to be, there are some assets that you can usually expect to see on the negotiating table. At the Law Offices of Tedone and Morton, P.C., our Will County, IL divorce attorneys can help you protect your property rights, working with your spouse and his or her attorney to reach an optimal outcome. Our attorneys have over 100 years of combined legal experience, drawing on a shared well of practical knowledge to help clients in asset distribution.
Three Essential Assets in Property Division
Bank Accounts
It may come as a surprise to learn that your separate bank accounts are still considered marital property in Illinois. Even if your spouse’s name is not on the account, it may be subject to division since income earned during the marriage is considered marital property.
In many cases, it is more cost-efficient to divide these assets in a settlement compared to litigation. If you are considering proceeding to litigation over your bank account, consider whether the legal fees outweigh the potential gains.
The Marital Home
The house that you and your spouse lived in during your marriage may or may not be considered marital property. Oftentimes, it will depend on when the property was acquired (750 ILCS 5/503). If it was bought before the marriage by one party, it might be considered separate property. On the other hand, if you and your spouse bought it together, it may be considered marital property. Additionally, a house acquired by one party through an inheritance will likely be considered separate property.
There are exceptions where the lines between separate and marital property begin to blur. For example, if your spouse made significant contributions to the house, he or she may have to be compensated for some interest in the property. Dividing up the house can be complicated, as you may have to choose between refinancing the home or selling it and dividing up the proceeds.
Debts and Liabilities
Any debts you take on during your marriage may be considered a responsibility of both spouses. Some of these obligations might include credit card bills, student loans, or personal loans. Judges divide debts much the same way as marital property, considering what is fair to either party.
Having a skilled attorney at your side is important for avoiding excessive liabilities in your divorce. Our firm can work with you to negotiate a reasonable split of debts, potentially trading assets in exchange for reduced obligations, or vice versa.
Contact a Joliet, IL Asset Division Attorney Today
Property division can be a major source of tension in your divorce. At the Law Offices of Tedone and Morton, P.C., our Will County, IL divorce lawyers can provide you with strong legal advice and advocacy to help you get a favorable share of your marital estate. Call us at 815-666-1285 to arrange a free consultation.
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Will County Divorce Attorney, Plainfield Residential Real Estate Lawyer
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