Divorce can be stressful because there are many different considerations that need to be made throughout the legal proceedings. Various aspects of a person’s life are affected by a divorce, such as finances and living arrangements. If you are considering divorce or just beginning the divorce process, you might be worried about how your decision-making during this time can impact your future. Our knowledgeable law firm is here to help! Continue reading this blog to learn more about how property division arrangements are handled in Illinois divorces. For further information, feel free to reach out to a Tazewell County Marital Property Division Lawyer who can provide individualized legal counseling.
CAN I CHANGE PROPERTY DIVISION TERMS AFTER A DIVORCE?
Most of the time, no. Once a divorce settlement is finalized, the property division arrangements cannot be altered. There are some rare exceptions where an agreement may need to be changed after a divorce. This could happen in situations where one spouse purposefully hides assets during the legal proceedings or if the judge makes an error in the legal order. Otherwise, the arrangements cannot be changed later.
HOW ARE MARITAL ASSETS DIVIDED BETWEEN SPOUSES?
Spouses can choose to make their own property division arrangements in an uncontested divorce. You can hire either a divorce attorney or mediator to guide you and your spouse through the legal process. If not, a judge in family court will decide how shared property will be split between two divorcing spouses. The following considerations might come into play:
- The length of the marriage
- Prenuptial and postnuptial agreements
- Each spouse’s age and health
- Each spouse’s overall financial status including annual income, debts, inheritances, trusts, and potential income capacity
- If the couple has children together, child custody and child support
- Each spouse’s contributions to their property
CAN ANY ARRANGEMENTS BE CHANGED?
While it’s pretty rare for property division arrangements to be altered once a divorce is already finalized, there are other divorce orders that can be changed later down the line. For example, spouses with children need to make child custody and child support arrangements, but these decisions are heavily swayed by each spouse’s current living conditions. Since it’s not uncommon for people’s lives to change after a divorce, child custody and child support orders might need to be altered later down the line for everyone’s benefit.
Are you in the midst of the divorce process in Illinois? If so, you have questions about how your assets will be handled during the legal proceedings. The good news is that our highly experienced law firm has all the answers you might need! Contact Butler, Giraudo & Meister, PC today for an initial consultation.
