Understanding the Division of Marital Property in an Illinois Divorce

 Posted on July 12, 2016 in Family Law

When it comes to divorce in Illinois, marital property is divided equitably, but not necessarily equally. This can result in a great deal of contention, and even confusion over who gets what out of a divorce. If you are separated, planning on filing for divorce, or have already begun the process, the following information can help you better understand how marital property is divided in divorce.

Marital Factors That Influence Property Distribution

Once the assets and debts have been valued in a divorce, couples can begin to negotiate a reasonable settlement regarding how the marital estate can be distributed. However, those that are unable to reach an agreement may take the matter to court. Here, a judge will consider several factors to determine how marital property should be distributed. These include:

• Each party’s income, property, and assets;
• Needs of each party;
• Realistic earning capacity of each party;
• Earning impairments of each party (including lack of training or education and physical and/or emotional health);
• Standard of living established during the marriage;
• Complexity of the divorce (such as closely held businesses, allocation of parental responsibilities, etc.);
• Each party’s access to information;
• Tax implications;
• Each party’s ability to reasonably maintain property;
• Attorney fees to be made for the other party; and
• Any other factors the court may consider relevant.

Distribution of Marital Property and Allocation of Parental Responsibilities

Often, when there is a child, that child’s best interest is also taken into account during the distribution of marital property. For example, if the parent with the greatest allocation of parental responsibilities can reasonably maintain the home that the child is currently living in, that parent could potentially receive the home in the distribution. Alternatively, if the house cannot be reasonably maintained by the parent with the most parenting time and responsibilities, other alternatives for the home may be considered. It is also important to note that a child’s role in the distribution may not necessarily influence child support determinations.

Getting a Fair Settlement in Your Divorce

Regardless of how you plan to move forward with your divorce – be it through peaceful negotiations or litigation – it is critical to have a skilled legal advocate by your side throughout the process. Mevorah & Giglio Law Offices can protect your interests, the interest of your children, and help you work toward a favorable settlement in your divorce. Contact our DuPage County divorce attorneys today for a free initial consultation. Call us at 630-932-9100.

Sources:

http://ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000