Navigating Property Division in Illinois Divorces

 Posted on July 31,2023 in Illinois Divorce

The property division process is often one of Illinois's most critical and contentious aspects of divorces. Determining how to divide assets and debts best can raise complex issues, leading to disputes between divorcing couples. Today, we will examine the most common challenges faced during the property division process in Illinois and offer insights on potential solutions. As always, discuss with your divorce lawyer any concerns you have with matters related to your divorce, as your attorney should be your go-to person for any questions or concerns you have throughout the divorce process.

The Identification of Martial vs. Non-Marital Property

Of course, differentiating between marital and non-martial property is a crucial step in the property division process. While marital property includes assets acquired while the couple was married, the non-marital property typically predates the union. However, determining the classification of certain assets, such as commingled funds or property acquired before marriage but improved during the marriage, can be challenging. Consulting with an experienced attorney and providing clear documentation, including financial records, can help resolve disputes and establish accurate classifications.

Valuation of Assets

Assigning a fair market value to assets, such as real estate, businesses, investments, and retirement accounts, is another common challenge in property division. Disagreements regarding appraisals, investments with uncertain values, or unreported assets can lead to disputes. Hiring professional appraisers or financial professionals can provide objective valuations, helping to minimize conflicts. Additionally, carefully documenting and accounting for all assets, including relevant supporting documents, can ensure a more accurate and transparent valuation process.

Allocating Debt

In Illinois, marital debts are subject to equitable distribution alongside assets. Dividing debts fairly can present another hurdle in the property division process. Debates may arise over the responsibility for joint debt, like mortgages, credit card debt, or student loans. Careful assessment of each party's contribution to the debt and proof of responsibilities assumed during the marriage can aid in determining an equitable distribution of liabilities.

Exceptions to the Equitable Distribution Principle

While Illinois follows the principle of equitable distribution, certain exceptions may affect property division. Inheritance, gifts, and prenuptial agreements can complicate the process, questioning whether such assets or conditions except them from equitable division principles. Establishing clear and valid legal documentation is crucial in these cases. Seeking legal guidance to navigate the specific laws regarding exceptions while ensuring a fair and just outcome is essential.

Contact a Kane County Divorce Lawyer

For the legal support you need during this momentous time in your life, contact the St. Charles divorce attorneys with Weiler & Associates, Inc.. Call 630-331-9110 for a private consultation.

Source - https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm