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Will County divorce attorney property division

If you are like the majority of people, divorce is the absolute last thing on your mind when you are standing at the altar, ready to say, “I do.” Unfortunately, statistics show that a fair amount of marriages still do end in divorces. According to data from the National Survey of Family Growth, an estimated 22 percent of first marriages will experience divorce or separation within the first five years of the marriage. That chance increases the longer you are married, with an estimated 53 percent of first marriages ending in divorce or separation within 20 years of marriage. A divorce involves many areas of your life, with one of the biggest aspects being finances. Often, an area of contention between spouses is how property will be divided, which is why it is recommended that you consult with an Illinois property division attorney to ensure you know your rights.

Marital and Nonmarital Property

Before anything is determined or allocated, the first distinction that will be made about your property is which of it is actually subject to division. Unlike other states, Illinois is not a community property state, but rather functions on the idea of an equitable division of assets when it comes time to divorce. As such, the state makes a distinction between nonmarital property, which is not subject to division, and marital property, which is subject to division.

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Joliet Courthouse divorce attorney property division

Getting a divorce means you and your spouse will have to make quite a few decisions pertaining to you and your family’s finances and how you will separate them as you move through the divorce process. Many of these decisions will be difficult to make depending on what they are, but it is typically agreed that dealing with the marital home during your divorce is one of the hardest. Many people have an emotional attachment to their homes, especially if they have raised a family in the home. The property division process can be stressful and dealing with the family home can be especially daunting, but you can achieve a positive outcome with the assistance of a knowledgeable divorce attorney. 

Making the Decision About Your Home

During the property division process, you must determine how to untangle all of the finances you and your spouse have entangled throughout the years that you have been married. This includes determining what is and is not marital property, separating your joint bank accounts and credit card accounts, and splitting your retirement accounts. When it comes to dealing with a large asset such as the family home, there are three basic scenarios that make up the majority of situations involving this marital piece of property:

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