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Navigating Property and Financial Concerns in an Illinois Divorce

Posted on February 09, 2023 in Divorce

naperville divorce lawyerWhen couples decide to end their marriage, they must also address the division of property. This can be a complicated and contentious issue, especially when large assets such as homes, retirement accounts, and businesses are involved. Understanding who owns what, accurately valuing the property, and determining a fair division of shared property can take some time. In Illinois, property division during a divorce is governed by state law, which provides a framework for equitably dividing marital property. 

Marital Property and Separate Property 

In Illinois, marital property is defined as any property acquired by either spouse during the marriage. This may include income, real estate, investments, bank accounts, vehicles, personal property, and pensions. If spouses cannot negotiate a fair division of property, the court will divide property for them. All marital property is subject to division during a divorce, and the court must divide it in a manner that is fair and just to both parties. This may involve selling assets, such as a home, and dividing the proceeds, or transferring ownership of an asset to one spouse in exchange for other assets of equal value.

Separate property, on the other hand, is not subject to division during a divorce. This includes property acquired by either spouse before the marriage, gifts received by one spouse, and inheritances. However, there are circumstances in which separate property may become marital property. For example, if a spouse commingles separate property with marital property, such as by depositing inheritance money into a joint bank account, it may be considered marital property.

Retirement accounts are often a significant asset in a divorce. In Illinois, these accounts are treated as marital property, and the court may divide them as part of the property division process. The court will consider factors such as the length of the marriage, the age and earning potential of each spouse, and any prenuptial agreements when determining how to divide retirement accounts.
Business Interests

If one spouse owns a business, the business may be considered a marital asset, even if only one spouse was actively involved in its operation. In these cases, the court will consider factors such as the value of the business, the contributions of each spouse to the business, and any agreements between the spouses regarding the business when determining how it should be divided. The court may order that the business be sold, or one spouse may be awarded the business in exchange for other assets.

Contact a Will County Divorce Attorney

Dividing property during a divorce can be a complex and emotional process. Understanding the laws governing property division in Illinois, as well as the potential issues that may arise, is crucial for ensuring a fair and just outcome. If you are going through a divorce in Illinois, get in touch with our Naperville divorce lawyers at Law Office of Ronald L. Hendrix, P.C. for assistance with protecting your property during a divorce. For a free consultation, call 630-355-7776.



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