Divorce is never an easy process, but it is important to know what it entails even if you never experience it. In the process of divorce, there are various topics which must be settled, either by the court or through an agreement between the two parties looking to divorce. Such topics include child custody, child support and division of property. To truly understand the last topic, division of property, it is important to know how a court looks at property during a divorce.
Illinois has two classifications of property according to their law. Marital property would be the assets that are divided between the two parties who are divorcing. These assets are generally obtained during the years of marriage. They can include real estate, cars, bank accounts and other assets or property regardless of how the title or the deed is held. Yet there are certain exceptions to this determination.
There are also types of property which can be identified as non-marital. Types of non-marital property include gifts, inheritances, property itemized in premarital agreements, and other things. The line between marital and non-marital becomes confused if there is not a clear separation. For example, if an inheritance is combined with a joint account, then any court may presume that these assets were to be shared between husband and wife.
Once a property determination is made by the court, then it will examine other considerations to determine the allocation of property after a divorce. They will consider financial and domestic contributions, earning capacity, and the length of marriage to ensure an equitable division of property. If you have any questions concerning the divorce process or you are interested in file for a divorce, please contact an experienced divorce lawyer in Naperville as soon as possible.
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