Property Division in Illinois
When a couple goes through a divorce, it is not usually a happy time. Instead, emotions are high and feelings of retribution may be strong. Deciding who gets what could be challenging. What you assume is yours perhaps now becomes part of the marital assets. In addition, assets may not be divided based on their dollar value, according to the Huffington Post. Your Illinois family law attorney can help you determine how property division might work in your situation.
Understanding how property division works can be complicated especially if there are significant assets involved. In Illinois, the division of property is not as easy as 50/50. That is why knowing what to expect is important to protect what you may feel that you are entitled to.
It is important to understand the differences between 'separate' and 'marital' property. Separate property includes those assets that you came into the marriage with. These assets may also include inheritance and gifts before or during the marriage. You may feel that these assets are rightfully yours, but things may get hairy, if, during the marriage, these assets were combined. For instance, if you received an inheritance from a deceased aunt and you deposit that money into a joint account with your spouse, he or she may now be entitled to it. Likewise, if your spouse added your name to property that he or she owns, it becomes marital property, and is divided during a divorce.
Having a clear understanding of what if rightfully yours can prevent surprises. This is a time to think about moving forward with your life and what assets you can expect to take with you.
If you are considering a divorce, preparing for the outcome is important. Deciding what is included and what is not can be complicated. Therefore, contacting an experienced Illinois family law attorney can be very useful if you expect to come through with assets intact.
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