Helping Resolve Property Division Matters
Illinois law calls for all marital property to be divided equitably in a divorce, which does not presume a 50-50 split. In deciding on a fair distribution, the court considers a number of factors, including:
- Each spouse’s contribution to the acquisition, preservation or increase (or decrease) in value of all marital or nonmarital property, including the contribution of a spouse as a homemaker or to the family unit
- The length of the marriage
- The child custody/parenting time arrangements
- The relevant economic circumstances of each spouse when the division of property is to become effective, including the desirability of awarding the family home, or the right to live there for a reasonable time, to the spouse having custody of the children
- The reasonable opportunity of each spouse to earn income and acquire assets in the future
- The age, health, occupation, income, vocational skills, employability, estate, liabilities and needs of each spouse
Marital Vs. Nonmarital Property
Marital property is property acquired by either party during the marriage, no matter whose name is on the title. This can include stocks, pensions, retirement accounts and trusts.
Nonmarital property is property that is owned by one spouse or the other, not by the couple together. Nonmarital property isn’t subject to equitable division. Examples of nonmarital property include inheritances received by either party during the marriage, gifts to a spouse other than from the other spouse, and property excluded from the marital estate by valid agreement of the parties — for example, by a prenuptial agreement.
Keep in mind, as of January 1, 2016, the date at which property is considered nonmarital property is no longer when the divorce is finalized. Instead, it is the date the petition for divorce is filed. For more information about this and other property division law changes, contact us online today.
At Bolz & McCarty, LLC, in West Dundee, Illinois, we work to find fair solutions to asset distribution through negotiations rather than through drawn-out litigation whenever possible. This avoids expensive legal fees and allows both parties to retain more control over the outcome.
At the same time, our lawyers’ thorough understanding of Illinois property division law allows us to aggressively protect our clients’ rights in court if necessary.
We have worked with numerous clients on the division of multimillion-dollar estates. We know how to obtain the accurate value of holdings such as investment property, pensions and family-owned businesses in complex divorce cases.