What Are Common Misconceptions Regarding Asset Division in Illinois Divorces?
Divorce can be stressful and heartbreaking for everyone involved, and things can become even more complex and problematic when it comes time to divide assets. Assets accumulated during the marriage are typically subject to division and distribution according to Illinois law, but there are many things that need to be clarified surrounding this process. Today, we will address some misconceptions to ensure clarity regarding the asset division process. In addition, it is essential to understand how important a divorce lawyer is as you approach this process, as failing to hire an attorney will make the entire divorce process significantly more difficult and increase the chance that your eventual settlement will turn out in your favor
Be Aware of These Critical Misconceptions About Illinois Asset Division
-
Misconception #1 – Assets are divided 50/50 in an Illinois divorce: In Illinois, assets are divided equitably but not exactly equally. When it comes to asset division, the court will consider several factors, including each spouse’s contribution towards acquiring and maintaining the marital property and each spouse’s earning capacity and finances
-
Misconception #2 – Only the assets acquired during the marriage are subject to division: This is only partially true. In Illinois, any assets or property acquired during the marriage are considered marital property, but that is not all that is included. Marital property also consists of any income, pension plans, and retirement benefits accumulated during the marriage. However, let us say that your spouse bought a house before you got married. But upon marriage, you moved into the house, thus making it the marital home. Even though the house was purchased before the marriage, it is not considered your spouse’s separate property but is regarded as commingled property. As a result, the house may be subject to division.
-
Misconception #3 – You do not need to disclose all of your assets during the divorce: This is entirely false. Do not try to hide assets during the divorce process, as this is illegal. If it is proven you hid assets, you may be required to pay fines and possibly even serve time in prison
-
Misconception #5 – The court will take care of everything: Thus you do not need to hire a divorce attorney: While it is true that the court will handle the asset division process, having an experienced lawyer by your side is vital to guide you, protect your rights, and ensure you receive a fair and just settlement. An attorney can help you understand the legal process, gather crucial financial information, and negotiate on your behalf. Your attorney can also advocate for your interests in court if necessary.
Source:
https://www.survivedivorce.com/divorce-laws-in-illinois#PropertyIL
