Division of Property During Divorce in Illinois

 Posted on February 10, 2014 in Property Division

If you are going through a divorce, there is more to consider than the physical separation from your spouse. Especially if you have been married a long time, the division of property can be the most complicated and difficult step of the proceeding. According to the Illinois General Assembly and the state’s Marriage and Dissolution of Marriage Act, Illinois is an equitable distribution state. This means that all property acquired during the marriage will be considered for equitable distribution, regardless of whose name is on the deed. The only possessions that will not be considered for 50/50 distribution upon divorce are those that are categorized as separate property. According to the Huffington Post, separate property generally includes (but is not limited to):

• Property owned by either spouse before the marriage;
• Inheritance received (either before or after the marriage);
• A gift received by the husband or wife from a third party;
• Payment from a personal injury claim.

But it is important to remember, according to the Huffington Post that, “separation property can lose its separate property status if you commingle it with marital property or vice versa.” It can become even more complicated when divorcing couples take into consideration the tax implications of assets, however—something many couples take for granted, according to the Chicago Tribune. One financial planner who assists divorcing couples told the Tribune that, “the biggest assets most families have are the house and retirement plan. But the house can be sold without paying tax, while the retirement plan cannot.” This is just one reason why it is crucial to seek the counsel of a legal professional when going through a divorce. If you or someone you know is looking for a divorce attorney in the Chicago area, contact the Davi Law Group today.