Property Division in a Divorce
After child custody, property division is the second most common issues which is a major bone of contention between couples undergoing divorce. Most states practice a community property system where all the assets and debts of the couple are divided equally regardless of each spouses’ individual share of those assets or debts. Although in Illinois, the marital property or debts do not have to be divided equally.
As an equitable division state, the division of marital assets and debts is carried out in a reasonable manner. Furthermore, under the state law, the courts are prohibited from taking into account marital misconduct while deciding the division of assets and debts. According to asset division lawyers, the equitable division can divide the property into three, with one spouse getting one-third while the other receives two-thirds of the combined marital property.
Difference between marital property and non-marital property
The first thing that is done before the division of assets and debts is the categorization of properties owned by both spouses. The properties are categorized into two types; marital property and non-marital property.
Non-martial property refers to the assets owned by either spouse prior to the marriage as well as the income or assets acquired after estrangement. Furthermore, any assets acquired through inheritance or legacy is also considered as a non-martial property. Even the income from a property acquired through legacy or inheritance is deemed as non-martial property. Lastly, any assets or debts which are excluded through an agreement between the spouses are also considered as marital property and are hence excluded from property division after the divorce.
The property, assets and debts acquired by both spouses during the course of their marriage are considered as marital assets. According to reputable asset division lawyers, regardless of the fact who paid for it or whose name is on the deed, all assets acquired while the couple was married can be considered as marital property and hence be subjected to property division after divorce.
Factors considered during equitable property division
In order to reasonably divide the marital property between the estranged couple, the court takes into consideration the duration of the marriage, prenuptial agreements, health and age of each spouse. Furthermore, the court also considers the tax consequences of property division as well as the current income and liabilities of each spouse.
Although the non-marital property is each spouses’ personal asset, it can be taken into account during the division of marital property. The spouse with less non-marital assets has a higher chance of being awarded a greater portion of the marital assets. Most people acquire the services of a divorce lawyer or an asset division lawyer to protect their rights and get a larger share of the marital property.
In order to get more information about property division or to schedule a free consultation with an experienced asset division lawyer, contact the Law Office of Fedor Kozlov at 847-241-1299.