FAQs About Asset and Property Division in Illinois
If you are planning to get divorced, you may have some questions regarding how your property and assets will be divided between you and your spouse. Here we have answered some common questions that most of the clients ask our family law attorneys:
Q: How will my property and assets be distributed?
A: Illinois is an equitable distribution state, where marital property is subject to be divided in just proportions instead of equally. The distribution is based on several factors, including:
- The value of non-marital property of each spouse
- How much each party contributed in acquiring the marital property
- Rights and obligations from previous marriages, if any
- The economic circumstances of both spouses
- The length of the marriage
- The tax consequences each spouse may have to face
- Whether alimony is awarded to one spouse
- Whether each spouse is going to acquire capital after the divorce
- And several other factors
Q: What is meant by dissipation in terms of property division?
A: In Illinois, dissipation refers to the amount of assets expenditure for a non-marital purpose which has been made during the period of irreconcilable breakdown. If a spouse has dissipated marital assets, the court will take it into account when making decisions for the division of the marital estate.
Q: Does marital misconduct affects asset and property division?
A: With the introduction of new guidelines in the Illinois Marriage and Dissolution of Marriage Act (IMDMA) and Illinois being a no-fault state, courts do not consider marital misconduct when dealing with property division issues in a divorce proceeding.
Q: Does holding title to an asset means that it will count as my separate property?
A: This depends on whether the property was acquired before or during the course of marriage. Courts may consider the title of an asset as evidence of an individual’s property, but title in itself is not used for determining whether the asset in question is marital or separate property.
Q: My spouse cheated on me. Will this be used as a determining factor for getting a greater percentage of the marital property?
A: No. Since the new laws have excluded all fault based grounds, such as substance abuse, conviction, adultery, willful desertion, domestic violence, and others, it will not be considered when equitably distributing marital assets and property between spouses. If the spouse’s actions affect the couple’s finances in any way, then it may be deemed relevant.
Q: I inherited some assets from my parents. Do these assets be considered as my separate property?
A: As long as the inherited assets are in your name, and have not undergone the transmutation process, it will still be considered as your separate property.
Property division in Illinois is a complicated matter, and it requires having a clear understanding of different aspects to ensure fair equitable distribution of property. It is advisable to have an experienced property division attorney by your side to help you with the entire legal process. Contact the Law Office of Fedor Kozlov, P.C. today at (847) 241-1299 to schedule a free initial consultation.