Marital property division is a critical component of divorce proceedings in Illinois. The state follows an equitable distribution approach, dividing property fairly, but not always equally, between spouses. Marital property includes assets acquired during the marriage, with some exceptions. Courts consider various factors to ensure an equitable division. The process involves identifying and valuing assets, negotiating a settlement, or litigating the case in court. Family law attorneys play a crucial role in guiding clients through the complexities of marital property division.
Marital Property Division: Definitions, Requirements, and Handling
Definition:
Marital property is any property acquired by either spouse during the marriage, regardless of how it is titled. This can include real estate, vehicles, bank accounts, investment accounts, retirement benefits, business interests, and personal property. Exceptions to marital property include assets acquired before the marriage, by gift or inheritance during the marriage, or excluded by a valid prenuptial or postnuptial agreement.
Factors Considered in Division:
Illinois courts consider several factors when dividing marital property to ensure an equitable distribution:
1. Each spouse's contribution to the acquisition, preservation, or increase in value of the marital property
2. Dissipation of assets by either spouse
3. Value of the property assigned to each spouse
4. Duration of the marriage
5. Relevant economic circumstances of each spouse
6. Obligations and rights from prior marriages
7. Age, health, occupation, income, skills, employability, estate, liabilities, and needs of each spouse
8. Custodial provisions for children
9. Whether the apportionment is in lieu of or in addition to maintenance (alimony)
10. Each spouse's opportunity for future acquisition of assets and income
11. Tax consequences of the property division
Handling Marital Property Division:
The process of dividing marital property involves identifying and valuing assets, negotiating a settlement, or litigating the case in court. Individuals should work with experienced family law attorneys who can advise on property classification, assist in asset identification and valuation, negotiate settlements, represent their interests in court, draft and review agreements and orders, and provide ongoing support throughout the divorce process.
Legal Process for Marital Property Division Representation
A lawyer representing a client in marital property division will typically follow this process:
1. Initial consultation: The lawyer will meet with the client to discuss their financial situation, marital assets, and goals for the property division.
2. Discovery: The lawyer will gather information about the couple's assets, debts, income, and expenses through the exchange of financial documents and written questions (interrogatories).
3. Asset identification and valuation: The lawyer will work with the client to identify all marital and non-marital assets and determine their value, using appraisals, market analysis, or other valuation methods as needed.
4. Negotiation: The lawyer will attempt to negotiate a fair settlement with the other spouse's attorney, taking into account the factors considered by Illinois courts in marital property division.
5. Mediation or collaborative divorce: If appropriate, the lawyer may recommend alternative dispute resolution methods to reach a mutually agreeable property division settlement.
6. Litigation: If a settlement cannot be reached, the lawyer will prepare for trial, gathering evidence, witnesses, and expert testimony to support the client's case for an equitable property division.
7. Court representation: The lawyer will argue the client's case in court, presenting evidence and advocating for a fair division of marital property based on the relevant factors.
8. Property division order: Once the court issues a property division order, the lawyer will ensure that the client understands its terms and assist in the transfer of assets as required.
9. Post-divorce support: The lawyer will provide ongoing guidance to the client regarding the implementation of the property division order and any related issues that may arise.
Throughout the process, the lawyer will offer legal advice, negotiate skillfully, and advocate for the client's rights and interests, striving to achieve an equitable division of marital property.
