Dividing Property Fairly In Divorce
If you are getting divorced, how will you divide up your property with your ex? It’s an important question because divorce can bring with it significant financial challenges.
At The Law Office of Jamie Mitchell, LLC, you will find a proven family law attorney who can help you meet those challenges. For over a decade, our firm has provided effective guidance to clients on the division of assets and debts in divorce under Illinois law.
Call 618-803-4022 to arrange a confidential consultation. From offices in Maryville and , we serve clients throughout Madison County and the surrounding area.
How Does The Property Division System Work?
Illinois uses a system called equitable distribution to divide property in divorce. In this system, the division of marital property and debts is supposed to be made in just proportions between the two parties. Because Illinois is a no-fault divorce state, this is to be done without regard to the conduct of the parties that led to the divorce.
Equitable division is not necessarily 50-50. Many factors can affect property division such as the length of the marriage and the degree of the contributions of each party to the acquisition and increase in value of marital property.
What Property Do You Get To Keep?
Within this system, you have the ability to work out an agreement with your ex so that the court does not have to do it for you. Our law firm can protect your interests when addressing matters that include:
- Prenuptial agreements — A valid prenuptial agreement will greatly affect how your marital property is divided.
- Nonmarital property versus marital property — Nonmarital property is not subject to equitable division. But questions can arise about whether property is marital or nonmarital such as when nonmarital funds have been commingled with marital property or transferred into some form of co-ownership.
- What to do about the house — Whether to sell the house or to have one party keep it is a key question in many divorces.
- Pension and retirement accounts — Pension rights are generally fair game for equitable division. In some cases, however, this presumption can be overcome.
- Credit cards and other debts — It isn’t only assets that are to be divided equitably in divorce; debts such as credit cards must be divvied up as well.
Personalizing Our Representation For Your Specific Situation
Ultimately, how you go about dividing your property most effectively depends on your specific situation.
If you and your ex are able to cooperate with each other, it may be possible to work out any agreement without having the court control the details. Our law firm can provide the needed guidance to make this happen.
But if conflict or complexity makes the issues thorny to resolve, you’ll have to be ready for adversarial litigation. Here, too, we can protect your rights and interests and help you move toward accomplishing your goals.
To schedule an initial meeting with an experienced lawyer, call our office or reach out by completing the brief online form.