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Jun 12, 2024 · Discover how property is valued and divided in an Illinois divorce, ensuring a fair outcome for all parties involved.
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- Is Illinois A Community Property State?
- Separate Property vs. Marital Property in Illinois
- Valuing Assets and Debts in An Illinois Divorce
- How Do Judges Decide on An Equitable Distribution of Property?
- Who Gets The House in An Illinois Divorce?
- Who Gets The Family Dog Or Cat in An Illinois Divorce?
- Can Couples Agree on How to Divide Their Property in Divorce?
- Getting Help with Property Distribution
No, Illinois isn't a community property state. The principle of "equitable distribution" guides property division in Illinois divorces. Instead of dividing a couple's property equally, judges will divide their property and allocate their debts based on what's fair under the particular circumstances. "Fair" doesn't necessarily mean a 50-50 split.
The first step in dividing assets and debts during a divorce is deciding whether property should be categorized as separate (nonmarital) or marital.Normally, each spouse will keep their own separate property, while their marital property will be distributed between them in the divorce.
After determining which assets and debts are subject to distribution, each has to be assigned a monetary value. The process works best when you and your spouse can agree on those values. Otherwise, it will cost you time and money (think legal fees) to fight out the valuation issue in court. It's easy to place a value on some assets and debts, like ...
After determining which property and debts are marital, the judge will have to decide how to distribute those assets and debts fairly between the spouses. When making that decision, judges must consider all of the relevant circumstances in the case, including: 1. how long the marriage lasted 2. the child custodyarrangements 3. each spouse's economi...
Nothing in Illinois law says which spouse should get the couple's house in a divorce. However, the scales might be tipped toward the parent with primary custody of a young child or children. That's because the "desirability" of awarding the home to that parent is one of the factors judges will consider in the property division (as listed above). Th...
Illinois was at the forefront of a movement in state laws to treat pets differently than other types of property in divorce. (Yes, the law considers pets to be property.) If a judge finds that a couple's pet is marital property, Illinois law requires the judge to consider the animal's well-being when awarding sole or joint ownership to one or both ...
The easiest way to prevent future disputes about property is to have a written agreement ahead of time. A prenuptial agreementcan list the property and debts each spouse is bringing into the marriage, as well as set out how they'll handle property and debt that they acquire or dispose of during the marriage. But if you don't have a prenuptial agree...
If you're having trouble reaching an agreement with your spouse about dividing your property and debts (or any other issues), divorce mediationcould help. When the primary disputes in your divorce are over property, it could make sense to choose a mediator with financial expertise (such as a certified divorce financial analyst). But you should cons...
Chicago property division attorney helps with the division of marital assets and debts, including homes and businesses in Cook County. Free consultation at 312-884-1222.
The Domestic Relations Division of the Clerk of the Circuit Court holds the records for dissolution (divorce), legal separation and invalidity for both marriages and civil unions, as well as Allocation of Parental Responsibilities and Parenting Time or Visitation Non-Parent.
It is common for a couple going through a dissolution to decide about dividing their property (and debts) themselves, rather than leave it to the judge. But if a couple cannot agree, they can submit their property dispute to the Court, which will use state law to divide the property.
Here is a comprehensive Guide to Property Division in Divorce to help ease the process. What you will learn from this Guide to Property Division in Divorce: How Illinois considers equitable distribution Divorce; How Property is classified in Illinois; What considered marital, non-marital, and mixed property
People also ask
What are Cook County divorce records?
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How is property divided during a divorce in Illinois?
Who gets the house in a divorce in Illinois?
All cases involving the dissolution of a marriage or civil union, commonly referred to as divorce, are heard by the Domestic Relations Division. This includes declaration of invalidity of marriage (commonly referred to as annulments) and legal separation matters.
