Kane County Property Division Attorneys
When dividing property a court must first determine if the property is marital or non-marital. If the property is determined to be non-marital, the court has no authority to award any portion of the property to the other spouse. If the property is determined to be marital then the court must "equitably" divide the property.
Generally speaking all property acquired by either spouse after the marriage is presumed to be marital property with the following exceptions:
- Property acquired by gift, legacy or descent.
- Property acquired in exchange for property acquired before the marriage or in exchange for property acquired by gift, legacy or descent.
- Property acquired by a spouse after a Judgment of Legal Separation.
- Property excluded by valid agreement of the parties.
- Any judgment or property obtained by judgment awarded to a spouse from the other spouse.
- Property acquired before the marriage.
- Increases in value acquired by any method listed above.
- Income from property acquired by any method listed above.
What Is Marital Property?
The classification of property as marital or non-marital is often complicated, particularly when marital and non-marital property are combined. If the court determines that property is marital, the court must then determine how to "equitably" distribute the property. Illinois is not a "community property" state! There is no "50/50" law! "Equitable" often does not mean equal. When dividing the marital property, an Illinois court is required to considering the following:
- The contribution of each party to the acquisition, preservation, or increase or decrease in value of the marital or non-marital property, including the contribution of a spouse as a homemaker or to the family unit.
- The dissipation by each spouse of the marital or non-marital property.
- The value of the property assigned to each spouse.
- The duration of the marriage.
- The relevant economic circumstances of each spouse when the division of property is to become effective, including the desirability of awarding the family home, or the right to live therein for reasonable periods, to the spouse having custody of the children.
- Any obligation and rights arising from a prior marriage of either party.
- Any antenuptial agreement of the parties.
- The age, health, station, occupation, amount and sources of income, vocational skills, employability, estate, liabilities, and needs of each of the parties.
- The custodial provisions for any children.
- Whether the apportionment is in lieu of or in addition to maintenance.
- The reasonable opportunity of each spouse for future acquisition of capital assets and income, the tax consequences of the property division upon the respective economic circumstances of the parties.
The above factors are not equally weighted which can make the property distribution even more complicated. Given the property identification issues, the numerous factors and exceptions, and the discretion that the court has in applying the factors and making an "equitable" distribution, you can see why there are so many myths and misconceptions.
Call us Today at 630-584-4800 for a Free Consultation!
Your attorney can analyze your facts and work with you to apply the law to your particular fact scenario. Your attorney needs to be familiar with the statute, the cases, and the particular court in order to help you resolve these issues. At Shaw, Jacobs, Goostree & Associates, P.C., we have the extensive experience and skills necessary to protect your property interests.
Our Illinois attorneys represent clients in Kane County, DuPage County, Kendall County and DeKalb County, including Geneva, Batavia, St.Charles, Wayne, Wasco, Elburn, Virgil, Lily Lake, Aurora, North Aurora, Elgin, South Elgin, Bartlett, Gilberts, Millcreek, Maple Park, Kaneville, LaFox, Yorkville, Oswego, Plano, Sugar Grove, Big Rock, Bristol, Newark, DeKalb, Sycamore, Naperville, Wheaton, West Chicago, Winfield, Warrenville, Downers Grove, Lombard, Oak Brook, Streamwood, Hoffman Estates, Schaumburg, and many other cities. We represent clients who are from the U.K. and from other countries as well.
Please call the divorce attorneys of Shaw, Jacobs, Goostree & Associates, P.C. at (630) 584-4800 to ask a question or set up a confidential free initial consultation regarding Illinois property distribution.
The latest from our blog...
One of the hardest parts of divorce is finding a fair way to divide assets that have been shared and intertwined over the years. Many...
“The Other Woman,” an upcoming Hollywood feature about infidelity, stars some of America’s most celebrated celebrities. The film’s cast includes Cameron Diaz, Leslie Mann of...
Is there such a thing as a hassle-free divorce? Probably not, given the emotional, financial, and legal difficulties that follow in the wake of a...