How Is Property Divided In A Divorce?
Determining who will get which assets after a divorce can be a messy and frustrating process. You may have complicated investments or a sentimental attachment to a piece of personal property. Does absolutely everything need to be divided in half? Who gets the house? The car? The retirement accounts?
At McCarthy & Allen, we will relieve your anxiety. By taking a full inventory of your financial situation, our attorney will work with you to identify your goals and develop a strategy for achieving them. The asset division handed down in a divorce decree is almost always final, so you want to be sure that you have laid out your priorities correctly. With our years of experience, both in Glen Carbon and throughout Illinois, we will ensure that you do.
What Is Equitable Distribution?
Illinois is a so-called “equitable distribution” state, which means that a court will not divide marital property exactly in half, but rather in a way they believe is fair. While this division often hews closely to the 50-50 line, extenuating circumstances can change that calculation.
When determining how to divide assets, a court will consider several factors, including:
- How long you were married
- Whether one spouse has significantly more nonmarital assets
- The total assets and debts in the marriage
- The financial needs of each spouse
- The earning potential and professional training of each spouse
- Whether or not spousal maintenance, also known as alimony, is being assigned
- The existence of a prenuptial or postnuptial agreement
Beyond these, a court may also consider any other factors that they deem relevant, which allows flexibility for your particular situation.
Protecting Your Interests
A divorcing couple can sometimes come to an agreement on their own about who should retain which assets, in which case court-ordered asset division is not necessary. However, there is frequently disagreement, and the reality is that many people must rely on the courts to receive their fair share of an estate.
During the asset division process, we will ensure that all items receive a fair valuation. In addition, if you believe that your spouse may be concealing assets, we can make use of forensic accounting and other techniques to bring all assets to light. Above all, we will make sure that you do not agree to something that is disadvantageous to you. You deserve fairness, and we will help you get it.
Get Asset Division Help
No one should have to navigate divorce alone. We will be your guides in a complex process, explaining every step and telling you what to expect. Dividing your finances is one of the largest economic decisions you will make, and you want to be sure to do it correctly. We will help you.