Asset division in an Illinois divorce can be a complex and hotly contested issue. Hostile disagreements often develop between couples who have been married a long time or have accumulated significant property. However, disputes are common even in short-term marriages and cases involving lower net worth. The nature of certain assets means trying to divvy them up is complicated, impractical, or even impossible.
Fortunately, you can sidestep many of the potential problems by retaining a Chicago asset division attorney early on in the divorce process. In some cases, involving lawyers prevents disagreements from developing. In other cases, disputes can be resolved by an agreement between the parties. To better understand how property distribution works and your rights in a divorce case, an overview may be useful.
Overview of Illinois Property Division Laws
The starting point of Illinois’ statute on distribution of assets is separating real estate and personal property acquired during the marriage from non-marital property – those assets each party owned before their wedding date or acquired during the marriage by gift or inheritance. Only marital assets are subject to distribution, while separate property belongs to their respective spouse.
The next area of consideration is how marital property can be divided equitably between the parties. The term refers to a distribution that is fair and just, so the split may not be an equal 50-50.
Asset Division by Agreement
No matter what Illinois law says about divvying up property, parties to a divorce can always negotiate an agreement on how to divide their assets. It is wise to consider a compromise with an attorney’s help to make sure your interests are protected. If parties do not agree, a judge will determine property distribution according to law. A hearing on the matter is like a trial, where you must testify and present evidence regarding your point of view. There is uncertainty and risk involved with these proceedings, plus cost and time. However, with an agreement, you have some control over the result.
Considerations Regarding Certain Types of Assets
The divorce process can be relatively straightforward with regards to some personal property and real estate, but other assets are more complex – regardless of whether you agree or go to court. Examples include:
- Retirement Accounts: The terms of an employment package and other details vary on how the benefits can be divided in divorce.
- Business Ownership: Interests in a closely-held company can present challenges when one or both spouses contributed efforts, and valuation is often a contested issue.
- Life Insurance: If either party has a policy, it may be necessary to address beneficiaries and payment of premiums. In addition, a court may require procurement of life insurance to secure alimony or child support obligations.
Learn the Specifics from a Chicago Asset Division Lawyer
From this description, you can see the various issues and challenges with property distribution. As such, it is essential to have an attorney to explain the relevant laws, advocate on your behalf in negotiating an agreement, and represent you in court. For more information on how we can help, please contact Michael C. Craven at (312) 621-5234 or go online to set up a consultation at our Chicago, IL offices.
