Asset division is one of the most contentious issues in most divorce proceedings. Clients often struggle to understand why certain assets are being handled the way they are during their divorce, and this confusion can lead to anger and frustration.
The Illinois divorce attorneys at Law Offices of Thaddeus M. Bond Jr. & Associates understand the intricacies and difficulty of asset division during a divorce proceeding. Our job is to keep a clear head and help you understand how a fair and equitable division of assets is right for both parties.
We’ll answer all of your divorce questions and help guide you through this difficult time in your life.
If you’re a resident of Illinois and have questions for our divorce attorneys, please call The Law Offices of Thaddeus M. Bond Jr. & Associates at 847-599-9101.
A Negotiated Settlement is Best
While the Illinois courts are equipped to draw up a property division arrangement, it’s always best if you and your former spouse work out a negotiated agreement yourselves. This puts control of the process in your hands and can minimize the frustration of a court-imposed plan.
Of course, it’s always best to have an experienced Illinois divorce attorney on your side during these negotiations. We’ll help you come to a fair and equitable arrangement.
How the Courts Will Handle Assets
While some states divide assets 50/50 during a divorce, Illinois is what is called an “equitable division” state. This means that if the parties are unable to work out a settlement for the division of property, the courts will divide assets based not on a 50/50 split but instead on its interpretation of equitability.
There’s no set formula for determining this within state law, and the facts of each marriage will be determinative in these specific cases. Courts take a number of factors into consideration, including:
- The financial contributions of each spouse
- The non-financial contributions, including homemaking
- The duration of the marriage
- The economic status of both spouses
- Whether either spouse has “dissipated” marital assets
- Tax consequences of division
- Any pre-marital agreements or arrangements
As a general rule, assets and properties acquired during the marriage are considered “marriage assets,” while those acquired before are not. There are some exceptions to this rule; gifts and inheritances received during a marriage, for example, are often not considered marriage assets.
As you can tell, there’s a lot to consider when a court divides your assets. It’s always preferable to work out a negotiated settlement, and our Illinois divorce attorneys can help with that.
If you’re an Illinois resident and you’re looking for a fair, experienced divorce attorney, please contact The Law Offices of Thaddeus M. Bond Jr. & Associates today.