211 W. Chicago Ave., #118 Hinsdale, IL 60521

Cesario & Walker

630-920-8800

Free initial consultation

Divorce Attorney

Recent Blog

  • Asset Division in Illinois

    Divorces can be an emotionally distressing and a difficult period....... (more…)

  • Real Estate Laws Applicable to Guest Vs Tenants

    There are instances when a family member or friend is....... (more…)

  • How to Deal With Debt during Divorce

    Divorce is always difficult, despite being very common, it is....... (more…)

  • Common Myths about Real Estate Law

    Real Estate law is a field which encompasses every legal....... (more…)

  • Can Parenting Time Be Denied?

    Divorce may end the relationship between a husband and a....... (more…)

  • Real Estate Law 101

    Real estate law is a comprehensive field which encompasses a....... (more…)

  • Divorce – How to Make the Best Out of a Bad Situation

    Certainly, divorce is not something you expect to encounter in....... (more…)

  • Stand by Guardianship

    Usually, only a parent of a child has the responsibility....... (more…)

  • 4 Tips to Choose the Best Real Estate Lawyer

    If you or your loved one is looking to purchase....... (more…)

  • How Should I file Taxes if Divorce is not Final?

    Separating from your spouse is not an easy experience. You....... (more…)

  • Getting a Divorce – Learn about How College Expenses are Different from Child Support

    Divorce does not mean that you no longer support your....... (more…)

  • Major Changes Made to Illinois Child Custody Laws in 2016

    Prior to Senate Bill 57, the Illinois Marriage and Dissolution....... (more…)

  • Understanding the Parenting Time Schedule Basics in Illinois

    Many drastic changes have been made to the Illinois Marriage....... (more…)

  • Understanding the 2016 Changes to Illinois Divorce Laws

    In 2015, several amendments to the Illinois Marriage and Dissolution....... (more…)

  • Family Law Blog Coming Soon

    Stay tuned for recent news and articles on the changes....... (more…)

  • Real Estate Law Blog Coming Soon

    Stay tuned for recent news and articles on the changes....... (more…)

Asset Division in Illinois

Divorces can be an emotionally distressing and a difficult period for a couple. However, there are many aspects such as alimony and child custody, to name a few, that require their consideration to finalize their divorce arrangement. Among these aspects, one of the key parts of a divorce settlement is asset division. Division of assets may be mutually agreed by spouses or a court may determine division itself under the Illinois Marriage and Dissolution of Marriage Act.

How Are Assets Divided Between Spouses in Illinois?

Each state has separate laws pertaining to asset division. Firstly, assets owned by a couple are identified. Later these assets are categorized into marital and non-marital assets. Afterwards, each asset goes undervaluation to assess its market worth. If assets’ value cannot be evaluated correctly, then services of an expert evaluator can be utilized to calculate best-estimated market value of their assets. Finally, assets are divided between spouses under rules and guidelines provided under Illinois Marriage and Dissolution of Marriage Act.

A court may employ principles of equitable distribution while dividing assets between spouses. Hence, asset distribution will be conducted in a fair and just manner and may not necessarily be equal. A court may determine several factors such as each spouse’s contribution, custodial agreement, health, age, economic circumstances, income, and tax implications when evaluating their case.

Does Marital Misconduct Impact Asset Division in Illinois?

Illinois law states that marital misconduct which may include irrational behavior, cheating, emotional abuse, amongst other, may not be relevant to assets division during a divorce. However, there is one exception to this law. In an event where one spouse is engaged in a misconduct which impacts the financial situation of the other spouse or consequently leads to a waste of marital assets, then court may compensate another spouse by awarding additional marital assets as those assets were not utilized for wellbeing or benefit of their family. For instance, a spouse may use marital funds to purchase luxurious items for a person they were having an affair or perhaps give them jewelry, money, or any monetary item that belonged to other spouse or would have qualified as a marital asset.

How Can A Lawyer Help?

If you are seeking a divorce from your spouse, it can be highly beneficial for your case to hire an experienced divorce lawyer. Your attorney will guide you through the process of laws and regulations pertaining to your case and how they may affect your case. Moreover, a skillful divorce lawyer will protect your best interests throughout the litigation, which can be especially advantageous if you are not on good terms with your ex-spouse.

Your divorce lawyer may have a vast knowledge and understanding of Illinois Marriage and Dissolution of Marriage Act. This will help them to devise a solid case in your favor, allowing you to obtain maximum amount of marital assets.

If you wish to get more information on this subject or want to schedule a consultation with an experienced divorce lawyer, it would be wise to contact Cesario & Walker at (630) 920-8800.

click to call