Skilled Family Law Attorneys Resolving Complex Division of Assets and Property
The division of property during a divorce can be a complicated matter. It is crucial to have an understanding of how the court divides property. If you need assistance with the process of property division, Beck & Houlihan, P.C., can provide skilled representation. Our attorneys will advocate on your behalf to ensure you receive an equitable outcome in your case. Our years of experience working throughout Illinois have helped us to understand the complexities of family law. In turn, our attorneys are prepared to put that knowledge to work for you as we help you throughout each step of your case.
Identifying Marital Property
Under Illinois state law, marital property is defined as all property acquired by either spouse subsequent to the marriage, except (nonmarital property):
- Property acquired by gift, legacy or descent
- Property acquired in exchange for property acquired before the marriage or by gift, legacy or descent
- Property acquired by a spouse after a judgment of legal separation
- Property excluded by valid agreement of the parties
- Property obtained by judgment awarded to a spouse from the other spouse
- Property acquired before the marriage
- The increase in value of property acquired by one of the above
- Income from property acquired by one of the above
While nonmarital property, understandably, is kept by the spouse who owns that property, marital property is equitably distributed between the parties (without regard to marital misconduct). In dividing marital property equitably, the court looks at the following factors:
- The contribution of each party to the acquisition, preservation, or increase or decrease in value of the property (including any contribution of a spouse as a homemaker or to the family)
- The dissipation by each party of the property
- The value of the property assigned to each spouse
- The duration of the marriage
- The relevant economic circumstances of each spouse once the property is divided (including the desirability of keeping the family home and the right to live there to the spouse having the primary residence of the children)
- Any obligations potentially arising from a previous marriage
- Any prenuptial or postnuptial agreement of the parties
- The age, health, occupation, source(s) of income, vocational skills, employability, estate, liabilities and needs of each of the parties
- Any custodial provisions for children(parental decision-making and parenting time)
- Whether the apportionment is in lieu of or in addition to maintenance
- The reasonable opportunity of each spouse for future acquisition of capital assets and income
- The tax consequences of property division
Commingled Property
Often, disputes arise when both marital and non-marital property have been commingled during the marriage. When this happens, the classification of the contributed property is “transmuted” (as in, it becomes part of the marital estate). In other words, if a husband uses pre-marital funds to purchase a home, which then has a mortgage paid during the marriage, those funds are now marital property. However, when a “contribution” like this takes place, that spouse can also be reimbursed from the estate upon divorce. This applies not only to tangible, financial contributions but also to contributions of “personal effort” as well, such as home improvements made by one spouse.
The Value of Collaborative Law
Courts are always eager to promote the amicable settlement of disputes between parties. Thus, they allow the parties to enter into a written or oral agreement containing provisions for disposition of property owned by either of them (as well as for maintenance, child support, child custody or visitation). These agreements can be drafted by engaging in collaborative law or mediation, avoiding the adversarial and often expensive nature of litigation.
Changes to Division Of Assets and Property
Beginning in January 2016, a section of the Illinois Marriage and Dissolution of Marriage Act regarding division of assets and property was revised. The court must now provide reasons for the allocations of property or assets divided. This can be beneficial in marital property division situations because both parties may be more likely to comply with a court order since he or she will understand why the assets were divided. Also, it allows the appellate court to know the trial court’s reasoning to better evaluate a ruling should an appeal occur.
Contact Our Experienced Wheaton Divorce Attorneys
Our skilled attorneys have extensive experience in all areas of Illinois family law, including the allocation of parental responsibilities, child support, and collaborative law/mediation. We strive for a balanced approach and the least stressful experience possible for our clients in DuPage, Kane, Cook, Kendall and Will counties. Contact Beck & Houlihan, P.C., located in Wheaton. To speak with our attorneys today, call 630-398-3185.