Divorce can be a complex and emotionally challenging process, especially when it comes to dividing marital property. In Illinois, the distribution of marital property is guided by specific laws and principles that aim to ensure fairness and equitable outcomes for both spouses.
Understanding Marital Property in Illinois
Under Illinois family law, marital property refers to assets and debts acquired by either spouse during the course of the marriage. It includes both tangible and intangible property, such as real estate, vehicles, bank accounts, investments, retirement accounts, businesses, and even intellectual property. Martial property does not include separate property, which is typically property acquired before the marriage, through inheritance, or as a gift to one spouse during the marriage.
Distribution of Marital Property
In Illinois, marital property is subject to equitable distribution, which means that the court will strive to divide the assets and debts in a fair and just manner. Fairness does not always mean an equal 50/50 split, but rather an equitable division based on various factors outlined in Illinois law.
When deciding on the distribution of marital property, Illinois courts consider several factors, including:
- Contributions to the marriage: The court assesses each spouse’s contributions to the acquisition, preservation, or appreciation of marital property. This includes financial contributions, as well as non-financial contributions like homemaking and child-rearing.
- Length of the marriage: The duration of the marriage is a crucial factor. Longer marriages tend to warrant a more equal division of marital property.
- Economic circumstances: The court takes into account the economic circumstances of each spouse, including their earning capacities, financial needs, and potential future assets.
- Child custody and support: If children are involved, the court considers their best interests when determining property division.
To illustrate the application of marital property distribution in Illinois, consider the following examples:
Example A: John and Sarah have been married for 10 years, during which they both worked and contributed equally to their joint savings and investments. In this case, the court is likely to distribute the marital property equally between them.
Example B: Michelle and David have been married for five years. Michelle has a significantly higher income and has made substantial financial contributions to the marriage. In this scenario, the court might award a larger portion of the marital property to David to balance the economic disparity.
Exceptions to the Rule
While equitable distribution is the general rule in Illinois, there are exceptions to consider. For instance:
- Prenuptial or postnuptial agreements: If the spouses have a valid agreement outlining the distribution of marital property, the court will generally enforce it, provided it meets legal requirements.
- Dissipation of assets: If one spouse intentionally wastes or dissipates marital assets, the court may adjust the distribution of property to compensate the innocent spouse.
Glasgow & Olsson: Assisting in Securing Fair Property Distribution
Divorce proceedings involving marital property distribution can be complex and emotionally charged. Attorneys at Glasgow & Olsson in Illinois are experienced in family law matters, including divorce, and can provide valuable assistance to ensure individuals receive the property they deserve. When you need an attorney, experience matters. Contact us now for a confidential, comprehensive, and non-judgment consultation.