Division of property is an important process during any divorce. Over the years of any marriage, the couple has used their household’s income to take care of their children, save for retirement and live to a certain standard. After a divorce, all assets are divided if they are considered marital property. Assets like houses, retirement funds, savings accounts, family businesses, and stock portfolios are all reviewed while filing for divorce.
There are a couple of assets which can be considered separate from the marital estate. For example, if real estate was purchased by one partner before the marriage, that could be considered separate property. Another example is if the asset was received as a gift or inheritance from a third party, and it was meant only for one spouse. But that determination of separate property can be in jeopardy if the assets are combined with marital assets.
Marital assets consist of any funds, property and income that are accrued in the course of the marriage. This can be as straightforward as retirement plans, life insurance, bank accounts, and vehicles. It can also be other stuff like country club memberships. Be aware that debts are also considered marital property and will be divided as well.
Illinois is an equitable division state. That means that the assets will not be divided 50/50 but rather fairly and equitable. In order to do that, the divorce court will consider the following factors:
- The standard of living during the marriage
- The earning potential of each spouse
- The contribution that each spouse made to the earning potential of the other
- The need to support children
- The age and health of each spouse
Other factors are also considered in a case by case basis. It is also important for each partner to review their own situation. Do not seek to obtain any asset without considering the financial implications of your decision. For more information about the divorce process, contact a skilled divorce attorney in DuPage County today.