Getting divorced in Illinois is a challenging proposition without having to worry about divvying up assets. Even in the most amicable situations, when it comes to dividing wealth, there can be much contention that comes about. And, the acquisition of assets during a marriage can be substantial. It can take many years to replace such wealth. It is critical, therefore, to keep some of your assets when getting divorced and be able to secure the most favorable financial outcome for your life after divorce.
For more help through each step of the divorce process, residents of Illinois can call on the Chicago asset division lawyer Michael C. Craven for help.
How Are Assets Divided In Illinois?
Most states follow one of two methods for asset allocation. The first method is known as a community property approach. This approach looks at all of the wealth that a couple has accumulated when they are married. At the time of divorce, community property is split equally.
The second way is known as an equitable distribution approach. Here, assets and wealth are not evenly split. Distribution is based on what a judge deems to be appropriate. In Illinois, assets are allocated to a divorcing couple based on the equitable distribution method. As a result, when you are getting a divorce in Illinois, your assets, what you are awarded, are up to the discretion of the judge in your case, based upon certain factors set forth in Illinois statutes.
An Illinois judge will take asset division seriously and try to make an equitable judgment in this regard. To do so, they will rely on many factors and numerous details of a divorcing pair’s situation when deciding how assets should be divided. These may include but not be limited to:
- Any prenuptial agreements
- Length of marriage
- Property values
- Each spouse’s debts and financial needs
- Each spouse’s income, age, health, and employability
- Any obligations from a prior marriage
The list of considerations can go on and on. But, ultimately, the judge will need to use his or her best judgment in deciding how to equitably divide the assets that make the most sense for the divorcing couple’s unique circumstances.
When a judge looks at all the facts, it is not only the current assets that are considered. Future capital and income also count and also matter when figuring out how to best split wealth up. This is not always an easy job for a judge. If the spouses are unable to settle how property will be split, at the end of the day, a judge using his or her best judgment is essential to come to the fairest solution.
If you are in the process of or are considering a divorce, it is in your best interest to consult a divorce attorney to help ensure you receive the assets you are entitled to. Without a legal advocate on your side, you may agree to much less than you deserve, and this could affect your future as you try to re-establish yourself and move on with your life.
Connect with a Chicago Asset Division Attorney Today
Michael C. Craven is a Chicago divorce attorney with more than three decades of experience assisting people facing divorce to get the most from their settlements or trials.
For more help with these critical matters, and to have your case evaluated by a trusted and experienced Chicago asset division attorney, please call Michael C. Craven today to schedule a free consultation. Our representatives will be happy to assist you and set you up with a convenient time to meet with Michael.
