One of the most important elements of any divorce is the division of marital property. While this can be a difficult task in even the most straightforward divorces, it becomes that much more so when your assets are complicated to begin with. If you are facing a divorce involving complex property division, reach out to an experienced Illinois family law attorney today.
In the State of Illinois, marital assets refer to those assets that you and your spouse acquired together over the course of your marriage. These assets remain marital regardless of who made the purchase or whose name is on the title or deed. The exceptions to this rule are gifts or inheritances that are made in one spouse’s name alone. Those assets that each of you brings into the marriage with you are considered separate property, which will remain separate – as long as they are kept separate throughout your marriage, which can be a tall order. In Illinois, marital assets are divided between both spouses in a way that is deemed equitable – or fair in relation to the circumstances – rather than necessarily being divided straight down the middle.
Many, many factors can complicate the matter of dividing a divorcing couple’s properties. Consider the following:
In addition to the fact of these assets, there is the matter of assigning a value to them that you are both willing to sign off on; of determining whether the asset is strictly marital, strictly separate, or commingled; of finding a viable way to fairly split the value; and much more.
An important point to make is that distinguishing whether an asset is marital or separate can be exceptionally complicated. The following are excellent examples of this fact:
Danielle Pinkston is a dedicated family law attorney at Pinkston Law Group, P.C., in Joliet, Illinois, who has the experience, compassion, and drive to help protect your financial rights throughout your divorce’s complex property division. We’re on your side, so please don’t wait to contact us today.
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