What You Should Know about Division of Property
In divorce situations, couples who are not able to agree on how to divide marital property may seek the help of a mediator or a lawyer. If the still cannot come to an agreement, a judge will decide. Illinois has specific laws about dividing property for all couples, including those in Hoffman Estates.
In the state of Illinois, the law requires the fair division of property, but that doesn’t necessarily mean equal. Let’s take a look at what is considered when it comes to division of property.
What Is Considered Relevant in Division of Property
When a couple is in court facing a judge who is going to make decisions for them, he or she will likely consider the following factors in deciding an equitable way to divide property:
- If there is a prenuptial agreement
- Property value
- Length of marriage
- Age and health of each spouse
- Occupations, skills, and employability of each spouse
- Economic situation of each spouse
- Obligations from any prior marriage
- Liabilities of each spouse
- Needs of each spouse
- Whether spousal support is to be paid to either spouse
- Custodial arrangements for any children
- Whether it makes sense to award family home to the spouse with the majority physical custody of
- any children
- Tax ramifications
- Assignment of debts accrued during the marriage
In some situations, assets are divided by paying off one spouse or by selling a property and dividing the proceeds. Some spouses might agree to continue to own a property together, such as holding on to the family home until the children are out of school. This can work well if couples are on good terms.
If you are facing divorce, you probably have questions about division of property. Protect your assets by contacting a Hoffman Estates lawyer to talk about division of property. Call Robert M. Kaplan for a consultation today!