Belleville Asset Division Attorney
One of the more difficult aspects of any divorce will be the division of assets. Under Illinois law, marital property must be divided “equitably,” which can also be interpreted as fairly but not always equally. It’s important that one has a clear understanding of what constitutes marital property and what constitutes non-marital property, and that is where we come in. Our asset division attorneys are here to guide you through the State of Illinois asset-division laws to ensure your rights are protected, and the division of your property reflects your best interest.
In the case of property division, Illinois abides by the provision of 750 ILCS 5/503, the section under the IMDMA that refers to how the properties should be classified and then divided.
Understanding Marital Vs. Non-Marital Property
There are some major concepts of dividing property, such as: what is marital versus what is non-marital. Illinois considers anything that has been obtained by either spouse during the marriage, regardless of whose name the title of ownership may be in, marital property. Everything from your house, to vehicles and bank accounts, including debt or retirement funds, can potentially be considered martial property.
Conversely, non-marital property describes a property that was either received prior to the marriage or through an inheritance or gift during the marriage. However, as may be perceived, it is never this cut and dry. There are instances in which assets become commingled, meaning non-marital property becomes combined with marital property. For example, if you took inheritance money and renovated the marital home, the inheritance could now be classified as marital property.
We will help you understand what comprises marital property versus non-marital property and then work toward your interests in the protection of your rights while dividing assets that were acquired during your marriage.
Equitable Distribution In Illinois
Illinois is an “equitable distribution” state. That means the court divides the property in a way that is fair but not always exactly equal. This is summarized in 750 ILCS 5/503(d). In determining the division of marital property, the court takes into consideration various factors including, but not limited to:
· The length of the marriage
· Each spouse’s contribution to the marital estate (this includes contributions as a homemaker)
· The economic circumstances of each spouse at the time of the division
· Any prenuptial or postnuptial agreements in place
· The age, health, occupation, and needs of each spouse
· The custody arrangement for any children, especially if one parent will retain primary custody and require the marital home for stability
· Any obligations regarding spousal support or child support
It is our duty as your attorney to ensure that the court takes all factors into consideration so that your assets are divided equitably. That is where we make sure you get your fair share of the marital property and do not leave you at a financial disadvantage because of the divorce.
Common Asset Division Scenarios In Divorce Cases
Each divorce is unique, and the types of property you and your spouse have in common will go a long way toward informing the property division process. Here are a handful of the typical asset types and how Illinois law views them:
Marital Home Division – The marital home is generally the most significant single asset that any couple has. The Court in Illinois can order that the home be sold and the proceeds divided or that one spouse remain in the home and buy out the other spouse’s interest in the home. If children are involved, the spouse with primary custody may be allowed to stay in the home in order to provide continuity and stability for the children. We will work together to explore options that best meet your needs regarding your current living situation and financial future.
Retirement Accounts and Pensions – Retirement plans, such as but not limited to 401(k)s, IRAs, and pensions, are considered marital property insofar as the contributions were made during the marriage. Division of these retirement accounts requires a Qualified Domestic Relations Order. A QDRO allows the court to grant a division of retirement funds without a penalty against those funds. We will ensure that retirement assets are appropriately valued and divided in a manner that is fair under the laws of the state of Illinois.
Business Interests – If you or your spouse own a business, that interest is sometimes a bit more complicated to split. Your business will have to be valued correctly, and then it has to be decided if it is marital or non-marital property in nature. We will work with the financial experts in valuing the business correctly and finding the best solution, whether that means dividing the business, the buying out of one spouse by the other, or even selling it altogether.
Debt and Liabilities – It is not only assets that get divided in divorce; debts do, too. The debts run up during marriage-credit card balances, loans, and mortgages are equitably divided. Our attorneys will make sure that any division of debt is fair and that you are not left with an unfair financial burden after the divorce.
Protecting Your Financial Future
A prenuptial or postnuptial agreement is one way to protect your financial interests. Such agreements will clearly demarcate what is marital and non-marital property and often avoid disputes about certain assets. Whether you have a prenuptial or postnuptial agreement, we will make sure it is carefully reviewed to be upheld in court.
Another invaluable part of asset division is complete and total financial disclosure from one spouse to another. If you suspect your spouse might have hidden assets, the discovery process could be employed to uncover real estate or accounts that may have been concealed. Illinois law requires both parties to fully disclose their finances, and we will see that nothing gets overlooked.
Frequently Asked Questions About Asset Division In Illinois Divorce
What Is Marital Property Versus Non-Marital Property?
Marital property includes all assets that were acquired during the marriage. Everything else is considered non-marital property- what someone had prior to the marriage, and what they may have attained through inheritance or gift. According to Illinois law, marital property should be equitably divided, which in turn means fairly, while non-marital property usually remains with the owner.
Does The Court In Illinois Always Divide Property Equally?
No, Illinois is an equitable division state in the distribution of property between the divorcing parties. Equitable means weighing multiple factors against one another in an equitable division under 750 ILCS 5/503(d), and it does not necessarily mean equal 50/50.
What Happens To Retirement Accounts In A Divorce?
QDRO stands for “Qualified Domestic Relations Order,” which essentially means an order to divide retirement accounts. It allows the court to allocate these funds between spouses without tax penalties. If, during the marriage, a retirement account was accrued, then it is considered marital property and is subject to division.
Can A Prenuptial Agreement Affect How Assets Are Divided?
Yes, a prenuptial or postnuptial agreement is valid for predetermining how the assets shall be divided or shielded upon divorce. The state of Illinois enforces these agreements, providing that they meet the letter of the law.
What If My Spouse Hides Their Assets?
If you feel your spouse is trying to conceal assets, we can use the litigation process to demand your spouse disclose all monetary information. We can request documentation and depositions and even hire forensic accountants, if necessary, in some cases. Illinois law mandates complete disclosure from each party in a divorce proceeding.
Call Our Belleville Asset Division Attorney For Your Free Consultation
You do not have to face asset division alone; it’s complicated and emotional. Equitable property division, with the protection of your financial future, we will work with you. No matter what key marital properties you may have, we are here to help you through the process.
Call our Belleville asset division attorneys at Buchmiller Family Law, LLC, at 618-432-1866 to receive your free 15-minute telephone consultation. Together, we will discuss your situation and the best path forward for financial security.
