There are many stressful issues you may encounter during your divorce. One particularly issue that many divorcing spouses face is their financial future after the divorce is finalized. Dealing with the financial issues in a divorce, including property division, alimony, and child support, involves a complex area of the law. You may feel overwhelmed by your options and the entire process. If you are going through a divorce, or considering divorce, there is important information you need to know regarding property division and how this division will affect you.
What Is Marital Property?
Generally, marital property comprises the property and assets acquired during your marriage. Under Illinois law, it is does matter whose name this property is titled in. For example, your spouse may purchase a vehicle titled solely in his or her name. If acquired during the marriage, that vehicle would be considered marital property. What is and is not marital property is an important distinction during the divorce process because Illinois divorces are subject to equitable distribution.
Equitable distribution is the process of dividing marital property between spouses during their divorce. According to state law, what property each spouse receives depends on a number of factors, such as:
There are some exceptions to the equitable distribution standard. Your divorce lawyer can determine how the law applies to your case.
Your Property and Equitable Distribution
While the property acquired during your marriage is generally considered marital property, some property may be non-marital. One common example is if you or spouse receives an inheritance during the marriage. Those assets would be considered non-marital, and assigned to the spouse who received the inheritance.
In some cases, spouses decide before or during the marriage that what would generally be considered marital property will be considered separate in the event of a divorce. You and your spouse may have signed a prenuptial or marital agreement that addresses divorce property division. Even though equitable distribution applies to most divorce cases, if your agreement was valid, all property will be distributed according to the agreement terms.
Contact Experienced DuPage Divorce Lawyers
At Mevorah & Giglio Law Offices, our experienced DuPage County family law attorneys understand your financial concerns. We know that you may worry about how property division will impact your personal financial security. When you contact our DuPage County lawyers, we will thoroughly explain your legal options, and work closely with you throughout the entire divorce process. Contact us now to schedule a free consultation.
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