What Factors Are Considered When Dividing Property in a Divorce?

 Posted on September 11,2023 in Divorce

When a couple gets divorced, one of the most important issues to address is the division of property. The court will consider several factors when making this determination, including:

• The length of the marriage

• The contributions of each spouse to the acquisition, maintenance, and improvement of the property

• The earning capacities of the spouses

• The needs of any dependent children

• The age and health of the spouses

• The wasteful or extravagant dissipation of marital property by either spouse

• Any other factors that the court deems relevant

If you are going through a divorce in Chicago, IL, it is important to speak with an experienced family law attorney to discuss your specific circumstances. The right attorney can help you understand the factors considered when dividing your property and can advocate for your rights.

How is the Property Divided?

In Illinois, the court is required to divide property "equitably," which means fairly. However, there is no one-size-fits-all approach to equitability. The court will consider all of the factors listed above, as well as the specific circumstances of each case when making its decision.

What is Not Considered Marital Property?

Not all property acquired during a marriage is considered marital property. Assets not considered marital property include property that:

• Was owned or acquired before marriage

• Received as a gift, an inheritance, or a bequest

• Received after a legal separation

• Was excluded in a prenuptial agreement

• Awarded by a court judgment

• Gained in exchange for any of the above

Are Business Assets Divided Differently?

Business assets are divided in a divorce in the same way as other marital property. This means that they are typically divided equally, but there are some exceptions. For example, the court may award a spouse a larger share of the business assets if they made more significant contributions to the business.

Courts will also consider:

• The value of the business

• The ability of each spouse to manage the business

• The needs of any dependent children

• The wishes of the spouses

Before a divorce is finalized, you should learn the value of your assets that may be subject to property division. Doing so will help you and your spouse know the exact property value and how much it can be sold for.

Contact a Chicago, IL Divorce Attorney

Protecting your property in a marriage starts before you say “I do.” However, when it comes to securing your fair share after a divorce, your best option is to consult an experienced Cook County, IL marital property division attorney. The Law Office of George J. Skuros understands the asset division challenges that couples face during a divorce. We are ready to work with you to provide legal guidance and advocate for the best results. Consult our office at 312-884-1222 for a free, confidential consultation right now.