For anyone who is planning to get divorced, it’s common to have some questions. Many of those may revolve around the way in which your assets and property will be split between your spouse and yourself. We want to share answers to some of the most commonly asked questions, so you have answers.
How Property and Assets are Distributed
In Illinois, an equitable distribution state, any marital property may be divided by proportion, rather than equally. There are a number of factors that play into how the distribution works. A Rolling Meadows asset division attorney can provide more information about these.
- Length of the marriage
- Value of non-marital property for each spouse
- Economic circumstances of each spouse
- What each person contributed in acquiring marital property
- Obligations and rights from any previous marriages
- Whether alimony is awarded
- Tax consequences of each spouse
- Whether spouse will acquire capital following divorce
- And other factors
Property Division Dissipation
When speaking about Illinois, dissipation speaks of the amount of asset expenditure for non-marital reasons made while in the process of irreconcilable breakdown. If one spouse has assets of this type, this will be considered by the court when making decisions about the division of marital assets.
Many people questions whether misconduct during a marriage will make a different when it comes time to divide the assets. With the guidelines amended in 2015, Illinois is a no-fault state when it comes to marriage. As such, marital misconduct is not considered during asset and property division.
Another common question is whether holding a title for an asset means it is considered that party’s sole property. The answer is that it depends. If it was acquired during the marriage, it’s likely a shared possession. If it was acquired before the marriage, it’s more likely to be considered yours and yours alone.
Just as with marital misconduct, a spouse who cheats will not be considered any differently than another spouse. No-fault grounds prevent this, conviction, substance abuse, domestic violence, and other things do not have a bearing on the division of assets.
Dividing assets is never simple and having an understanding of the law is important to get your fair share. The Law Office of Fedor Kozlov, P.C. can aid you in that journey. You can reach our office at 847-380-5193 to schedule an appointment for a free consultation.