A judge in an civil partnership or divorce settlement will consider what they consider to be fair and reasonable allocation. These include matrimonial (what you as well as your spouse/civil partner put throughout the duration of your relationship) as well as non-matrimonial assets.
The reason you got a divorce will not affect the amount of money you receive. Children receive the first priority.
Matrimonial assets
The amount of marital property is a key factor in determining family law settlements. Marital assets can be defined as what both spouses get through the course of their marriage (except for gifts, inheritances as well as personal injury or workers compensation awards to compensate for suffering and pain, and any third-party gift). This can include things like retirement accounts, bank accounts, houses and automobiles. The court will usually share the assets as part of an agreement on financial matters following divorce, taking into consideration the standard of living enjoyed by both spouses during the union.
It's often difficult to differentiate between marital and separate assets. This is particularly true when the couple has commingled or converted separate property into marital property such for example, by putting the other spouse's name on an account or house. Regardless of whether it occurred in a deliberate manner or not. These practices can result in losing the property in case of divorce.
Additionally, it's possible for property that is not part of the marriage to be considered marital property based on the way that it was used during wedding. Imagine, for example the case where a woman owned an apartment before marrying her husband. She remained in her residence throughout the marriage. Both husbands both contributed equally towards the utility and mortgage payments. The value of the apartment increased over the time. This value would then become an asset of the marital estate when they separated.
A premarital agreement or postnuptial contract may protect different assets in some situations. However, this is not a foolproof method of ensuring that non-marital property will remain as such. The court will still consider a range of elements when determining a financial settlement, and these can include how much money was contributed to the distinct asset prior to marriage, the amount of time the asset was held by the two parties' names, and the extent to which it is.
The term "equitable division"
In Illinois, courts follow the laws of equitable division with regard to property division. This means that the judge presiding over your case could decide to split your property in a different manner as you'd like. Additionally, you must be financial settlement aware that equitable doesn't necessarily mean equal; it just means fair.
The court will consider many aspects when dividing your assets. These include the spouse's earnings and lifestyle and expenditures that are not properly managed or wasteful and the other pertinent facts.
For the judge to take a final decision on your behalf, both you and your spouse should provide all facts about your income, expenses, assets and obligations. There is a possibility of being ordered to go back for a retrial in the event that you fail to disclose all information. Therefore, it is imperative to seek out legal counsel and advice by a matrimonial lawyer who is experienced. Our attorneys can explain how Illinois's equitable division laws work in your specific circumstances. Get in touch with us today for an appointment. The clients we serve are spread across the city of Chicago.