Dividing Assets in a Divorce
When divorcing, dividing assets is usually a major concern for spouses. It’s part of financial concerns that can last for many years. Your divorce lawyer can make sure that the process goes smoothly and that you get what you deserve.
Find a Compromise
When you divide assets in a divorce, start by understanding what your spouse and you want. Then ask yourself: Can I find an acceptable balance between what they want and what I want? If you can, then moving forward will be easier.
Many divorcing people find it hard to compromise. Divorces often involve two people who cannot get along anymore. Additionally, while compromise can make dividing assets during divorce easier, among other things, it’s not always in your best interest.
Ask your lawyer at Manassa Law if this approach will help you.
Consider Nuptial Agreements
Pre-nuptial agreements may make meeting in the middle impossible. These legal agreements will affect who gets what.
The agreement’s provisions may offer some advantages, and if so, your lawyer can help you decide what to do. For example, the agreement could include a clause stating that infidelity or some other action voids part of it.
As you work with your lawyer to divide assets, review this agreement if it exists.
Non-Marital and Marital Property Definitions
When dividing assets in a divorce, you must know what qualifies as an asset subject to division in a divorce.
To protect your assets during the divorce, hire a divorce attorney; it helps a lot. Lawyers like those at Manassa Law know family and marital law and will know what to consider and present to the court.
Non-Marital and Marital
Broadly, anything brought into a marriage constitutes marital property if you purchased it with shared marital funds. However, some property is separate, like an inheritance, anything acquired before the marriage, or anything gained after legal separation.
If you’re going through a divorce and facing a division of assets and property, ask your lawyer at Manassa Law about non-marital property in Illinois.
Commingling
Something can begin as a non-marital asset but then become a marital asset; this is commingling. A partner can come into a marriage with their own asset and then share it, taking it from nonmarital to marital.
For example, if you own a house before the marriage, then you both live in it during your marriage, and it may become a marital asset.
How to Split Assets and Debts
When navigating marital property, in addition to dividing other assets, try to work it out with your spouse instead of instantly turning to the courts. You can do this on your own or through mediation.
To keep everything organized and focused, consider using a property division worksheet.
However, if you and your spouse can’t reach an agreement, then the court will step in to decide how to split things up.
In Illinois, the state follows the equitable distribution principle. Rather than just splitting everything down the middle, the court will look closely at each person’s current circumstances and future needs. They’ll take several factors into account when determining how to divide the property, making the process a bit more nuanced than a simple, even division.
Property Division Considerations
When it comes to dividing property during a divorce, the courts in Illinois rely on specific state statutes to guide their decisions. A lawyer who understands what factors they consider can help anyone navigate this complex process.
Here’s a breakdown of the twelve key aspects the court examines for equitable distribution:
- Each Person’s Contribution: This examines how much each person added to the marriage, whether through finances or other contributions in the home.
- Dissipation: This refers to any assets that were hidden or wasted during the marriage.
- Assigned Property Value: The court ensures both parties get a fair share, preventing any disproportionate distribution.
- Marriage Length: The amount of time married plays an important role, and longer marriages often lead to different property division factors.
- Economic Circumstances: The court evaluates both parties’ current financial situations, ensuring the parent caring for children has everything they need, including a good place to live.
- Prior Marriages: If anyone already deals with maintenance or child support after a previous relationship, it can affect the current distribution.
- Agreements: Any prenuptial or postnuptial agreements in place are part of dividing property.
- Statuses: Age, health, employment status, income levels, skills, and liabilities are all factors in the equation.
- Parental Responsibilities: This considers the time and finances needed to raise children.
- Earning Potential: This reflects how much each person will likely earn in the future based on their career and past experiences.
- Taxes: The court will also think about the tax implications of each asset involved.
By weighing these factors, the court can ensure that marital property and assets get divided fairly, aiming for the best possible outcome for both people. If you find yourself in this situation, staying informed about these factors can help you navigate the process more smoothly.
No divorce is the same, but certain assets and some attitudes are more common. Most divorces involve one or both people thinking they should get most or all of the assets. This is why attorneys are so important.
Contact Manassa Law for Your Divorce in Illinois
Dividing assets in a divorce can make a divorce stressful and complicated. Do not try to navigate your divorce alone. Hire a lawyer who knows family and marital law in your state. Contact the Barrington family law attorneys at Manassa Law today.
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