Division of Marital Assets and Property
At OSH Law, we know that going through a divorce is one of the most difficult events you are likely to experience. Even if you have an amicable relationship with your former spouse, different aspects of divorce, such as the division of marital assets and property, can lead to contentious disagreements. Every divorce is different, and it is important to work with an experienced divorce attorney who understands the nuances of property division in Illinois. Indeed, the assets acquired during one marriage simply will not look like those attained in another.
Whether you will be dealing with a high net worth divorce or a more simplified proceeding, the legal advocates at OSH Law can assist with your case. The distribution of marital property can be tremendously complicated depending on the assets and debts you have attained in the course of your marriage. Although the prospect of divorce and the division of your property can produce significant anxiety, working with an experienced advocate can help to ensure that the court understands your rights and needs.
As with other questions concerning divorce, the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/503) governs the distribution of marital property. What constitutes marital property? In Illinois, the statute defines it as “all property acquired by either spouse subsequent to the marriage,” with a limited number of exceptions. Some of those exceptions, which the court will classify as “non-marital property” and thus not subject to distribution during a divorce, include but are not limited to:
These are just a few examples of types of property that often are classified as non-marital property. There are, however, complications. For instance, property that one spouse acquires before the marriage—such as a piece of real estate—might not clearly be classified as non-marital property if the spouses used marital assets to improve the property. It is very important to speak with an experienced divorce lawyer about your case. An advocate at OSH Law can closely examine your case to help determine the likely classification of particular assets.
In addition to understanding the distinction between marital and non-marital property, it is essential to know that Illinois is an “equitable distribution” state. This means that, rather than divide the marital property equally, it will be divided based upon a court’s determination of what is fair to both spouses.
When you have questions or concerns about property division in your divorce proceeding, you should always discuss your case with an experienced divorce lawyer. At OSH Law, Otto S. Hurtado has extensive experience handling a variety of divorce matters, and he provides personalized service to each client.
Contact OSH Law today at 331-248-8190 to learn more about our family law and divorce services. We represent clients throughout Kane, DuPage, Kendall, and DeKalb Counties.