Divorce can be a challenging and emotional time for couples, especially when it comes to dividing their assets and debts. Property division is a critical aspect of divorce, and it is essential to understand the process to ensure that both parties receive a fair settlement.
When a couple decides to divorce, they will have to divide their marital property, which is any property that they acquired during the marriage, unless there is an exception. The property can include real estate, personal property, vehicles, and other assets. In some states, including Illinois, the division of property follows the equitable distribution system, while in other states, it follows the community property system.
Equitable distribution means that the property will be divided fairly, but not necessarily equally, based on several factors such as, the length of the marriage, the income of each spouse, their age, and health status. The court considers these and several other factors before deciding the percentage of the property that each spouse should receive.
Community property means that all the assets acquired during the marriage are considered equally owned by both spouses. In this system, the court will divide the property equally between the spouses.
Before dividing the property, both spouses must disclose all the assets they own, as well as any debts they have incurred. This is to ensure that there is full transparency and that both parties receive a fair share of property and debt.
In some cases, the couple may be able to reach an agreement on their own without the need for a court hearing. They can create a settlement agreement, which outlines how they will divide their assets and liabilities. However, it is essential to have a lawyer review the agreement to ensure that it is fair and legally binding.
In situations where the couple cannot agree on how to divide their property or liabilities, the court will make a ruling. The judge will consider all the relevant factors before making a decision.
It is important to note that property and debt division in divorce can be a complicated process, and it is essential to have the guidance of an experienced family law attorney. A lawyer can help you understand your rights and options to ensure that your interests are protected.
