Posted on September 8, 2007 by John Steele
Property Division
Illinois is an “equitable distribution” state. Each spouse retains the non-marital (separate) property that he or she owned prior to the marriage and any property acquired by gift or inheritance during the marriage.
The court will consider the following factors, without regard to fault: acquisition or dissipation of the marital property, including the contribution of each spouse as homemaker or to the family unit; (2) the value of each spouse’s non-marital property; (3) the economic circumstances of each spouse at the time the division of property is to become effective, including the desirability of awarding the family home to the spouse having custody of the children; (4) the length of the marriage; (5) the age and health of the spouses; (6) the occupation of the spouses; (7) the amount and sources of income of the spouses; (8) the vocational skills of the spouses; (9) the employability of the spouses; (10) the estate, liabilities, and needs of each spouse and the opportunity of each for further acquisition of capital assets and income; (11) the federal income tax consequences of the court’s division of the property; (12) any premarital agreement; (13) liabilities of the spouses; (14) whether the property award is in stead of or in addition to maintenance; and (15) any custodial provisions for the children.
[750 Illinois Compiled Statutes; Chapter 5, Section 503.
While the law is seemingly straight forward, there are many issues to be worked out, and perhaps contested. What is marital property? Has non-marital property maintained its status, or has one or both parties taken actions to convert the property? Did the non-marital property gain value during the marriage? These questions are just a sample of important things to go over with your attorney in the search to protect your rights to the assets you are entitled to.
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Posted on September 8, 2007 by John Steele
Property Division
Illinois is an "equitable distribution" state. Each spouse retains the non-marital (separate) property that he or she owned prior to the marriage and any property acquired by gift or inheritance during the marriage.
The court will consider the following factors, without regard to fault: acquisition or dissipation of the marital property, including the contribution of each spouse as homemaker or to the family unit; (2) the value of each spouse's non-marital property; (3) the economic circumstances of each spouse at the time the division of property is to become effective, including the desirability of awarding the family home to the spouse having custody of the children; (4) the length of the marriage; (5) the age and health of the spouses; (6) the occupation of the spouses; (7) the amount and sources of income of the spouses; (8) the vocational skills of the spouses; (9) the employability of the spouses; (10) the estate, liabilities, and needs of each spouse and the opportunity of each for further acquisition of capital assets and income; (11) the federal income tax consequences of the court's division of the property; (12) any premarital agreement; (13) liabilities of the spouses; (14) whether the property award is in stead of or in addition to maintenance; and (15) any custodial provisions for the children.
[750 Illinois Compiled Statutes; Chapter 5, Section 503.
While the law is seemingly straight forward, there are many issues to be worked out, and perhaps contested. What is marital property? Has non-marital property maintained its status, or has one or both parties taken actions to convert the property? Did the non-marital property gain value during the marriage? These questions are just a sample of important things to go over with your attorney in the search to protect your rights to the assets you are entitled to.
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