Divorce is an emotionally challenging process that can bring out the worst in people, however it doesn’t have to be that way. Dividing assets between spouses is often one of the most complicated aspects and if handled well it can help to diffuse some of the tensions. Oftentimes couples have spent years building a life together and splitting the assets can feel like fighting a battle. In the state of Illinois, the law provides guidelines and principles to help couples fairly divide their property and assets. If you’re going through a divorce in Illinois, it’s crucial to understand how the court handles marital assets to ensure a fair outcome.
Equitable Distribution
Illinois follows the principle of “equitable distribution” when it comes to dividing marital assets. This means that assets acquired during the marriage are typically subject to division, but not necessarily split 50/50. Instead, the court aims to distribute assets in a fair and just manner, taking various factors into account.
Identifying Marital Assets
To begin the process, you’ll need to identify what qualifies as a marital asset. Generally, marital assets include property, investments, income, and debts acquired during the marriage. The state of Illinois also identifies assets acquired before the marriage or through inheritance as non-marital and may not be subject to division. If a prenuptial agreement was signed this will also need to be weighed when determining what is a marital asset.
Factors Considered by the Court
The court considers several factors when determining how to divide marital assets equitably. Some of these factors include:
- Contributions to the Marriage: The court will assess the financial and non-financial contributions of each spouse to the marriage. This includes homemaking, child-rearing, and career sacrifices.
- Duration of the Marriage: The length of the marriage can impact the distribution of assets. Longer marriages often lead to a more equal distribution.
- Earning Capacities: The court takes into account each spouse’s earning capacity, future financial prospects, and employability when making its decision.
- Custody Arrangements: If children are involved, custody arrangements may influence how assets are divided.
- Prenuptial Agreements: If a valid prenuptial agreement exists, it may dictate asset distribution.
- Health and Age: The health and age of each spouse can also be factors, especially when it comes to retirement assets and spousal support.
Seek Legal Counsel
Navigating the complex world of marital asset division in an Illinois divorce requires careful consideration of these factors. Don’t worry, you don’t have to go through this alone. At Stephan Law, we understand Illinois divorce laws and we help protect your rights, ensuring all marital assets are properly identified, and advocate for an equitable distribution that aligns with your unique circumstances. Set an appointment to discuss your unique situation today.