Divorce

Illinois Dividing Property.

Illinois; dividing property during the divorce.  Who gets what?  Illinois refers to asses and debts as marital property, and during the divorce process they do what is called just proportions when dividing the property.  Marital property is what is gathered together during the marriage, and then is split as equally as possible or as the divorce courts see fit to do so.  Not all property in Illinois is considered to be marital property, so what are the things they will not consider to be marital property in the divorce?  Here is a list. 
  1. Assets and property that you had before you were married, these are things they will not make you split in a divorce process, unless you have what they call commingled the property and assets together with marital property.  Then there is a chance it can be split evenly in the divorce process.
  2. If there is a separate income that is produced from an investment you had before you were married and all the income from it has been kept separate from marital bank accounts, again it has been kept separate and not been commingled with anything brought in together during the marriage.
 It is always important even if you think you will never get divorced, to just keep separate assets, property and income separate from your joint accounts.  If only this could be explained before it happens, but it is important to keep documents of everything you have.  Those can save you in a divorce process along with all receipts and documents. So when the divorce courts are dividing property in a divorce, here are some of the factors they look at to determine who gets what in the divorce. 
  1. How long the marriage was, under 5 years or over 5 years?
  2. All the material and the non material property there is to be gone through and split in the divorce.
  3. The financial potential or how much the spouse is earning now, where they can go and if they can make more money.
  4. The health and the age of each spouse is looked at in the divorce.
  5. Which property was gained by which spouse in the marriage, basically who confirms they acquired the property.
  6. How either spouse will benefit from the property in the divorce?
  7. If there was other marriages, and if there are obligations to that family.
  8. Any signed or agreements made during the marriage.
  9. Also if there will be any tax consequences in the divorce.
 No divorce is easy, no matter what anybody says, it helps to know what your doing and to have answers to your questions.

 

Posted: Mar 07 2008, 06:55 AM by Divorce | with no comments |
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