Property division in case of a divorce

Divorce can be a tricky ordeal in itself. Sometimes it can get further complicated when the matter of distribution of marital assets among the separated couple arises. Marital property is any property that is acquired by the couple during the course of their marriage.

The manner in which marital property is distributed in a divorce settlement depends on whether you live in an equitable distribution state or a community property state. All states follow either of the two systems.

Equitable distribution is the system practiced in most of the states. Upon divorce, the judge determines what constitutes an equitable allocation of the marital property.

Some states follow the community property law system. This system asserts that any property attained by either of the spouses during the course of their marriage belongs to both the spouses. Neither of the spouses has a sole claim over it and it is distributed by one-half interest. However, it does not include property acquired through inheritance or as a gift. Such property is the individual belonging of the spouse who receives it.

Divorce and figuring out the proper distribution of assets is often complex and can become extremely contentious. But it is important that you stand up for your rights and work hard to get the settlement that you deserve. However, it can be very difficult to take this challenge on by yourself.

If you do find yourself in such a situation, you are advised to seek the help of a divorce attorney. An attorney will listen to your concerns and work with you in an effort to make sure you receive what is rightfully yours.

 

Read Our

Recent Blogs

What You Need to Know About Annulment Laws in Illinois

There are conditions that disqualify a marriage in the state of Illinois that will allow you to open up the opportunity for an annulment…

Read More
The Pros and Cons of Mediated, Collaborative, and Litigated Divorce Processes

There is no one-size-fits-all divorce process, but rather, choosing amongst the mediated, collaborative, and litigated divorce processes depends on the personal situations of each…

Read More
Factoring in Your Child’s Best Interest for Custody Arrangements

Illinois courts make their decisions on child custody based on relevant laws, statutes, and case law, but mostly, they look at what they deem…

Read More

Contact Us Today!

  • This field is for validation purposes and should be left unchanged.