Making the decision to separate from your partner can be emotionally challenging—and then you have to go through the process of splitting up marital property. Home to the best Belvidere Divorce lawyers, our firm has helped oversee both simple and complex property division proceedings.
‘Marital’ vs. ‘Separate’ Property
In Illinois, there is a distinction made between property that was acquired before the marriage and after. Most belongings purchased after the marriage, with marital funds, is considered ‘marital property.’ Property and funds that either spouse acquired prior to entering into the marriage is considered ‘separate property.’ Ownership over specific property items or funds can also be clarified using a prenuptial or postnuptial agreement.
Illinois is not a ‘Community Property’ State
While other states aim to split all marital property exactly down the middle, Illinois has a different way of attaining an ‘equal’ division of property. In Illinois, judges consider many different factors in order to decide what kind of property division is fair—the answer is not always a perfectly even, 50-50 split. Relevant factors may include (but are not limited to):
- Prenuptial agreements
- Each person’s employability
- Each person’s economic circumstances
- Whether a spouse will be receiving alimony
- Tax consequences relating to property division
So, Who Gets the House?
There is no one rule to determine who gets the house. Oftentimes, a child-free divorcing couple will sell the house to divide assets. If the couple has kids, a judge may award the home to the custodial parent in order to preserve a stable environment for the children. When one spouse continues to live in the marital home, judges may require the residing spouse to buy out the other person’s equity.
Contact the Best Belvidere Divorce Lawyers
The Crosby Law Firm has a wide range of practice areas, including divorce and family law. We can help represent you during divorce proceedings and fight for your equitable share of marital property. Want to make sure we’re the right fit for your case? Contact us today to request a free case evaluation.
