How will my assets and liabilities be divided in my divorce case?
Here's how it typically works:
1. Marital Property vs. Non-Marital Property: Illinois law distinguishes between marital property and non-marital property. Marital property includes assets acquired during the marriage, regardless of whose name is on the title or account. Non-marital property typically includes assets acquired before the marriage, gifts, inheritances received by one spouse, and certain other exceptions.
2. Equitable Distribution: Illinois courts aim to divide marital property equitably, which means fairly but not necessarily equally. The court considers various factors when determining the equitable distribution of assets and debts, including:
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- Each spouse's contributions to the marriage, including financial contributions, homemaking, and childcare.
- The duration of the marriage.
- Each spouse's financial needs and earning capacity.
- Any prenuptial or postnuptial agreements.
- The age, health, and employability of each spouse.
- Any dissipation of assets (wasteful or excessive spending) by either spouse.
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3. Division of Assets: During the divorce process, spouses are required to disclose all assets and debts, including real estate, bank accounts, retirement accounts, vehicles, investments, personal property, and liabilities such as mortgages, loans, and credit card debt. The court will then determine how to divide these assets and debts fairly based on the circumstances of the case.
4. Negotiation and Settlement: In many cases, spouses are able to negotiate a settlement agreement regarding asset and debt division outside of court. This can involve direct negotiations between the spouses, mediation facilitated by a neutral third party or settlement conferences involving the parties and their respective attorneys. If the spouses reach an agreement, the court will typically approve it as long as it meets legal requirements and is deemed fair and equitable.
5. Court Intervention: If the spouses cannot reach an agreement on asset and debt division, the court may conduct a trial and make decisions on their behalf after hearing the relevant evidence and testimony. The court has discretion to divide assets and debts in a manner that it deems fair and equitable based on the factors outlined above.
6. Enforcement of Orders: Once the court issues a final judgment of dissolution of marriage, the division of assets and debts becomes legally binding. Spouses are required to comply with the terms of the judgment, and failure to do so can result in enforcement actions by the court.
It's essential to seek guidance from a knowledgeable family law attorney, such as Denise M. Kuzniewski, who can provide personalized advice and representation regarding asset and debt division during divorce proceedings.
Contact The Law Office of Denise M. Kuzniewski in McHenry, IL Today
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