Property Division in the State of Illinois

Divorce, Family Law, Mark Schondorf

Different states have laws peculiar to them regarding property division between spouses in a divorce. In Illinois, equitable distribution is practiced, and we adhere to the principle stated in the equitable distribution statute. 750 ILCS 5/503 (d), Which says,” the court must divide the marital property without regard to marital misconduct in just proportions considering all relevant factors.” Now that your interest is piqued, we are certain you want to know what happens to your property when you choose to get a divorce.

How does the statute of equitable distribution work in the state of Illinois?

You can always choose to divide your property behind a closed door, but you can also leave it to a judge to do the job. If you reside in Illinois, some essential points are contained in the equitable distribution process.

Equitable distribution only affects marital property

At the start of an equitable distribution process, all assets become separated into two categories: non-marital and marital property. The law only applies to marital property because non-marital is classified as separate property. Assets you acquire after you get married get referred to as marital property. As you think of divorce, make a list of all the properties that are the fruit of the marriage.

Equitable does not translate to equal

We are here to guide you through the property division process to get the best results. That’s because equitable distribution does not mean equal division, so disregard anyone that says otherwise. You can choose to divide in equals if it pleases you or equal contribution of assets between both parties. The distribution is determined by factors including terms of child custody, a prenuptial agreement, alimony, each spouse’s needs, tax consequences, and a few more elements.

Distribution of debts is applicable

After dividing the marital property, spouses are expected to distribute the accumulated marital debts accordingly. This factor can become used to state a case in some circumstances, where the marital assets are tagged to pay off debts. Another great example is distributing the mortgage to whoever assumes ownership of the house. If both spouses jointly own the debt, it does not affect creditors’ rights; a spouse may become exempted only when the terms are modified to absolve them.

Identify each partner’s priorities to make compromises if possible

Compromise can always be applied when dealing with a spouse with specific assets. Recognizing such things can make the distribution flow more easily as settlements drag when no one is willing to give up some properties. Finding the balance might just be allowing your partner to get sole ownership of some assets so that they can stay off the others that matter more to you.

In summary, you want to make sure you have captured all marital assets before beginning the equitable distribution process. So, you are not dragged back into a complicated settlement because you overlooked a jointly owned property.

If you consider dissolution of your marriage, you can get more information by speaking to us at Hecht Schondorf. We have all the resources to give you the legal assistance you need through this delicate time.