Dividing assets is one of the most challenging aspects of divorce, especially when emotions and financial stakes run high. Illinois follows equitable distribution laws, meaning property is divided fairly but not necessarily equally. Understanding how assets are categorized and divided can help you protect what’s yours and prepare for the financial changes ahead.
At Shark Lawyers for Men, we advocate for men’s rights in divorce, ensuring our clients receive a fair share of marital property while safeguarding their financial future. Here’s what you need to know about how assets are split in an Illinois divorce.
Marital vs. Non-Marital Property
Before dividing property, Illinois courts first determine whether assets are marital or non-marital.
- Marital Property: Includes assets and debts acquired during the marriage, such as the family home, joint bank accounts, and retirement contributions made while married.
- Non-Marital Property: Includes assets owned before the marriage, gifts, inheritances, or property specified as separate in a prenuptial agreement.
Non-marital property is typically excluded from division, but if it’s commingled with marital assets—such as using an inheritance to buy a family home—it may lose its non-marital status.
Factors Illinois Courts Consider
In Illinois, courts strive for equitable distribution rather than a 50/50 split. Judges consider several factors to determine what’s fair:
- The length of the marriage.
- The financial contributions of each spouse to the marriage.
- The economic circumstances of each party post-divorce.
- Whether one spouse sacrificed career opportunities to support the family.
- Prenuptial or postnuptial agreements.
Equitable distribution doesn’t mean splitting every asset in half. Instead, courts look at the entire financial picture to create a balanced division. At Shark Lawyers For Men, our experienced team of family law attorneys will ensure your contributions and needs are fully represented during the process, protecting your financial interests.
How Are Specific Assets Divided?
- The Family Home:
- One spouse may buy out the other’s share to retain the home.
- The home may be sold, and proceeds split between the spouses.
- Custodial parents often retain the home to provide stability for children.
- Retirement Accounts:
- Retirement savings accumulated during the marriage, such as 401(k)s, pensions, and IRAs, are considered marital property.
- Division often requires a Qualified Domestic Relations Order (QDRO) to ensure proper distribution without tax penalties.
- Business Interests:
- If one spouse owns a business, courts assess its value and determine whether it’s marital property.
- Options include one spouse buying out the other, selling the business, or dividing its assets.
- Debts:
- Marital debts, such as mortgages and credit card balances, are also divided equitably.
What About Hidden Assets?
Some spouses attempt to hide assets during divorce proceedings to avoid division. Hidden assets might include undisclosed bank accounts, undervalued properties, or unreported income.
If you suspect your spouse is hiding assets, legal and financial professionals can help uncover the full scope of marital property.
Prenuptial and Postnuptial Agreements
A prenuptial or postnuptial agreement can simplify asset division by clearly defining what is marital and non-marital property. These agreements are enforceable under Illinois law, provided they are fair and voluntarily signed by both parties.
If you have a prenup or postnup, it is crucial to ensure it is presented during divorce proceedings to protect your agreed-upon terms.
Planning for Your Financial Future
Dividing assets during a divorce can have lasting financial implications. To protect your future it is important to:
- Plan for post-divorce expenses, including housing, support payments, and retirement savings.
- Stay informed about your rights under Illinois law to avoid common financial mistakes.
At Shark Lawyers for Men, we help men navigate the complexities of asset division, ensuring they receive a fair share while safeguarding their financial stability.
Contact Shark Lawyers For Men Today!
Dividing assets during an Illinois divorce doesn’t have to mean financial ruin. By understanding the laws and working with experienced representation, you can achieve a fair outcome and protect your future.
If you’re preparing for a divorce, Shark Lawyers for Men is here to help. Contact us today to schedule a consultation and take the first step toward a secure financial future.
