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IL divorce lawyerWhen legally ending a marriage in Illinois, couples are required to divide their marital assets in an equitable manner. This makes the determination of whether an asset is marital or separate extremely important, so if you and your spouse are contemplating divorce and you have questions about whether you will need to share a certain asset, it is important to speak with an experienced Lombard, IL property division lawyer who can help you.

Separate vs. Marital Property

In Illinois, the date of a couple’s marriage is usually used to differentiate between the separate and marital assets of two parties. Generally, anything that one spouse owned before marriage will remain his or her property even in the event of divorce. On the other hand, anything purchased or acquired after a marriage takes place, whether by one spouse or by both spouses together, is considered marital property and must be divided in an equitable manner.

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IL divorce lawyerThe divorce process can be challenging for a number of reasons. Not only are two spouses making the difficult decision to end their marriage, but they will also have to navigate the legalities of a divorce. In the state of Illinois, marital assets are to be equitably divided between spouses during a divorce. It should be noted that this does not mean that both spouses will receive half of all assets. In order to ensure a healthy financial future for you and your family after your divorce, it is important to work with an experienced legal professional throughout the divorce process.

Asset Division in Illinois

As mentioned above, Illinois is an equitable division state, as it pertains to marital assets. This means that through careful consideration of a number of factors, the court will divide the assets in a fair manner. These factors include each spouse’s contribution to marital assets, the non-marital assets of each party, the duration of the marriage, the economic standing of both spouses, the presence of child support from a previous marriage, future income potential, and how child custody is awarded. In some cases, the court may order one party to pay spousal maintenance to the other party, even after equitably allocating marital assets.

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Illinois divorce lawyersWhile every marriage is unique, most couples reside in the same home, have joint credit cards and bank accounts, and have joint debts. Rarely do they find themselves caught up in arguing over what belongs to whom. Unfortunately, divorce often changes all that. What was once shared freely must now be divided – and that can be tricky business. Learn more about dividing marital assets in an Illinois divorce, including how to determine which assets are considered a part of the marital estate, and which may not be, with help from the following information.

The Marital Estate

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phone630-953-3000
fax844-272-5935
address2200 S. Main Street, Suite 317, Lombard, IL 60148
hoursEvenings and Weekends by Appointment