Misconceptions Regarding Division of Property
As common as divorce has become in the state of Illinois, the division of property in Hoffman Estates still brings up a lot of questions by couples who are going through the process. In fact, there are a lot of misconceptions regarding division of property in a divorce. Let’s go over a few of them here.
All Marital Assets Are “Community Property”
Many people believe that their possessions belong to them, even when there is a divorce. This is not true, however. In the state of Illinois, assets owned by a couple before they file are community property. That said, one spouse can claim an asset as their own, but he or she must provide evidence this was the case. For example, a gift meant for that person alone could qualify as an asset that belonged to him or her only.
It should be noted here that a business can also be considered community property and can be divided up in the final settlement.
Assets Are Split 50/50 for Equitable Division
Although it seems to make sense that assets are simply split in half as a result of a divorce, this is not always the case. A couple is certainly able to do a 50/50 split if they can both agree, but if they have to go to court to make the decision, the split will likely not be straight down the middle. There are other considerations, such as if one spouse makes less money, he or she might need more of the assets to maintain the standard of living enjoyed during the marriage.
Whoever Earns More Will Keep More of the Marital Assets
Many high-earning spouses are surprised to learn that the money they make is not theirs alone. For example, if one spouse stayed at home raising the children, he or she contributed to the marriage in a non-monetary way that will be taken into consideration when dividing assets and awarding spousal support.
Contact Our Hoffman Estates Law Firm
If you are facing divorce and have questions about the division of property in Hoffman Estates, turn to an experienced divorce lawyer. Call the Law Offices of Robert M. Kaplan to find out more about equitable property division and what you might expect in your divorce.