Asset Division in Illinois
Divorces can be an emotionally distressing and a difficult period for a couple. However, there are many aspects such as alimony and child custody, to name a few, that require their consideration to finalize their divorce arrangement. Among these aspects, one of the key parts of a divorce settlement is asset division. Division of assets may be mutually agreed by spouses or a court may determine division itself under the Illinois Marriage and Dissolution of Marriage Act.
How Are Assets Divided Between Spouses in Illinois?
Each state has separate laws pertaining to asset division. Firstly, assets owned by a couple are identified. Later these assets are categorized into marital and non-marital assets. Afterwards, each asset goes undervaluation to assess its market worth. If assets’ value cannot be evaluated correctly, then services of an expert evaluator can be utilized to calculate best-estimated market value of their assets. Finally, assets are divided between spouses under rules and guidelines provided under Illinois Marriage and Dissolution of Marriage Act.
A court may employ principles of equitable distribution while dividing assets between spouses. Hence, asset distribution will be conducted in a fair and just manner and may not necessarily be equal. A court may determine several factors such as each spouse’s contribution, custodial agreement, health, age, economic circumstances, income, and tax implications when evaluating their case.
Does Marital Misconduct Impact Asset Division in Illinois?
Illinois law states that marital misconduct which may include irrational behavior, cheating, emotional abuse, amongst other, may not be relevant to assets division during a divorce. However, there is one exception to this law. In an event where one spouse is engaged in a misconduct which impacts the financial situation of the other spouse or consequently leads to a waste of marital assets, then court may compensate another spouse by awarding additional marital assets as those assets were not utilized for wellbeing or benefit of their family. For instance, a spouse may use marital funds to purchase luxurious items for a person they were having an affair or perhaps give them jewelry, money, or any monetary item that belonged to other spouse or would have qualified as a marital asset.
How Can A Lawyer Help?
If you are seeking a divorce from your spouse, it can be highly beneficial for your case to hire an experienced divorce lawyer. Your attorney will guide you through the process of laws and regulations pertaining to your case and how they may affect your case. Moreover, a skillful divorce lawyer will protect your best interests throughout the litigation, which can be especially advantageous if you are not on good terms with your ex-spouse.
Your divorce lawyer may have a vast knowledge and understanding of Illinois Marriage and Dissolution of Marriage Act. This will help them to devise a solid case in your favor, allowing you to obtain maximum amount of marital assets.
If you wish to get more information on this subject or want to schedule a consultation with an experienced divorce lawyer, it would be wise to contact Dan Walker Law Office at (630) 920-8800.