How Marital Assets Are Divided in an Illinois Divorce

 Posted on March 29, 2019 in Divorce

Getting a divorce is a major change in your life. When you are married, almost every aspect of your life -- bank accounts, credit cards, living arrangements, mortgages, and even personal belongings -- becomes intertwined with your spouse’s. Though this can make life simple during your marriage, it can end up making things difficult when you decide to get a divorce. 

Factors for Consideration During Asset Division

Before the judge will begin dividing marital property, he or she will first make determinations about what is and is not subject to division. Only marital property is subject to division in Illinois divorces. Marital property includes any assets or debts that were acquired after a couple was married. When dividing marital property, the judge will consider the following factors:

• Each spouse’s contribution to the acquisition and/or increase/decrease in value of marital property
• Whether either party dissipated marital assets
• Whether or not either spouse contributed to the household as a homemaker
• The value of the assets assigned to each spouse
• How long the marriage lasted
• The economic circumstances of each spouse
• Any obligations that either spouse has from a prior marriage
• Any valid prenuptial or postnuptial agreements in place
• The age, health, occupation, sources of income, employability, vocational skills, and needs of each spouse
• The parenting arrangements for the couple’s children, if applicable
• The opportunity for each spouse to acquire future assets or income
• The tax consequences of the asset division for each spouse

Get in Touch With a Will County Asset Division Attorney

In your divorce case, the judge must resolve all the issues in your case for the case to be resolved. Dividing up your assets and debts is just one of many issues you must handle. At Wakenight & Associates, P.C., we can help you come up with a property division agreement that you and your spouse both agree on. Our skilled New Lenox, IL property division lawyers will advocate for your best interests in all matters during your divorce. Call our office today at 815-727-6144 to schedule a free consultation.

Sources:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000