Property Division: Dividing Assets in an Illinois Divorce

 Posted on April 17, 2015 in Divorce

All couples acquire marital assets, no matter how long they have been married. The longer you have been together, the more assets you will have together. Some couples choose to keep pre-marital assets separate after they marry. When one spouse files for divorce though, you will want to speak with an experienced property division attorney to help you understand what is considered marital assets and what is not. It may become confusing when marital assets, such as a joint bank account, were used to fix or maintain a property that was a pre-marital asset.

What are Marital Assets?

Just the same as dividing debt, when you divorce and divide your assets and property in Illinois it is an "equitable-division." This means the division of marital property and assets will be divided based on what is fair for each party and not necessarily what is equal or half and half.

Determining what is considered marital assets can be hard. Some property and assets include:

• Real estate properties;
• Stocks and bonds;
• Personal valuables;
• Vehicles;
• Businesses;
• Professional licenses;
• Trusts;
• Pensions;
• Retirement accounts; and
• Social Security benefits.

It does not matter if only one spouse has their name on everything or nothing, it can still be considered marital assets and property if it was obtained during the time the couple was married. Money in joint bank accounts, as well as personal accounts and cash on hand, can be considered marital property during a divorce. If one spouse is trying to hide money, they still have to divide it.

Division Process

If the couple is going through a mediated divorce, they will decide in mediation how the property and assets will be divided. If a couple goes through a traditional divorce in court, the judge will decide who gets what property and asset. The judge will look at a variety of factors, including the length of the marriage, how much each asset is worth, which party obtained the asset or property, how much each party earns or could potentially earn, the level of comfort established for living during the marriage, and more. The judge will hear each side's case and weigh their decision on the most equitable division for each party. Having a skilled property division lawyer on your side to argue your case for you in front of the judge can help get the most favorable outcome for you.

Going through a divorce is difficult enough. You should have an experienced Wheaton County divorce attorney on your side to help you understand what will be considered marital assets and what will not be during your divorce. The lawyers at Stock, Carlson, Flynn and McGarth, LLC can help you list each property and asset as marital or nonmarital to help ease the confusion. Contact the law offices of Stock, Carlson, Flynn and McGrath, LLC at 630-665-2500 to speak to an attorney.