Morris Property Division Attorney
Going through a divorce is can be challenging regardless of who initiated the proceedings. Gathering a thorough inventory of marital property and assets and then determining who gets which pieces of property is an important part of the process. At Sabuco, Beck, Hansen, Massino, & Pollack, P.C., our experienced Will County family law attorneys use their combined knowledge and over 125 years of legal practice to ensure you get the property settlement you deserve. Our team of attorneys work diligently to uncover any and all assets that were accumulated during your marriage and make sure they are divided equitably while making sure that any property or belongings that were yours prior to marriage remain in your possession. Achieving a fair and proportionate financial settlement aids your financial stability and helps minimize financial losses resulting from your divorce.
Equitable Distribution of Marital Property
In dealing with divorce proceedings, there are a total of nine states which are classified as “community property” states, meaning that all property that has been accumulated during the marriage is divided equally between the partners. The remaining 41 states, including Illinois, follow the rules of equitable distribution of marital assets and debts. Equitable distribution requires that the property, assets, and debts of the marriage be distributed in a manner that is fair, but not necessarily equal. Equitable distribution is on a case by case basis, and there is no one size fits all way of determining who will get what. Divorcing couples are required to go through the process of discovery, with both parties being required to provide financial statements and signed affidavits disclosing income, assets and liabilities. The family court judge bases his or her decision on a number of factors, including:
- The duration of the marriage;
- Any prenuptial agreement entered into by the parties;
- The income and earning capacity of each party;
- The standard of living the couple enjoyed during the marriage;
- The contributions of each partner to both assets and debts;
- The tax ramifications of any property awards; and
- Any significant non-marital assets held by either party.
The judge will also consider which parent is retaining custody of any minor children of the marriage. Oftentimes, the custodial parent is given the right to continue living in the family home if it is deemed to be in the best interests of the children.
Marital Versus Nonmarital Property
Any property acquired by either spouse during the course of the marriage is generally considered to be marital property and subject to the rules of equitable distribution. Under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/503) assets considered marital property in divorce proceedings include:
- Homes, real estate and rental properties, and vacation homes;
- Cars, boats, and recreational vehicles;
- Household furniture, furnishings, and accessories;
- Collectibles and hobby or sports equipment;
- Business and partnerships;
- Bank and investment accounts;
- Stocks and bonds; and
- Retirement and pension plans.
Illinois law defines non-marital property as assets that were acquired prior to the marriage. In some cases, family inheritances received by one spouse during the marriage may be entitled to be classified as nonmarital property, provided the inheritance was kept in a separate, individual account. In order to be sure about what may and may not considered marital property in your divorce, consult with one of our experienced property division attorneys.
Call Our Experienced Will County Family Law Attorneys Today
Property division can be a complex matter and can have a tremendous impact on your financial stability after your divorce. Get the comprehensive legal representation you need by calling call Sabuco, Beck, Hansen, Massino, & Pollack, P.C., today. Our team of experienced Will County family law attorneys will ensure that your rights are protected and you get the property settlement you deserve. Providing effective, aggressive legal services throughout Will County and the surrounding area, call us today at (815) 730-8860.