Deerfield Illinois Divorce Lawyers
If you searched for “Divorce Attorney Deerfield IL” and asked Google a question about “property division” you ended up in the right place.
Here’s how property is divided in Deerfield, IL and in any other part of Illinois: fairly.
We imagine your asking yourself “what?” right now. That’s understandable, because we’d bet that what you think is fair and what your spouse thinks is fair are drastically different ideas. In divorce attorney speak, Illinois divides property “equitably.” But this is just a fancy legal work for what the Judge thinks is fair in your case. Here’s how that works:
First the Judge determines if property is marital or non-marital. Marital property is anything you got during your marriage. Non-Marital property is something you owned before the marriage, that you inherited, or that you received as a gift.
Second the Judge values the property. If this is a bank account, that’s easy: how much money is in the account? But if you own your own business, it might be harder to figure out what it is worth. You and your spouse would present evidence, expert witnesses, etc. and the Judge would decide how much the business is worth.
Third, and finally, the Judge allocates the property. If you have non-marital property, you get it. If your spouse has non-marital property, they get it. The marital property is then divided however the judge thinks is fair.
Most clients assume that fair means 50/50. Which would make sense. That seems like a fair rule. But the Judge will consider who earns more, who has the kids more, who contributed to the estate, etc. The typical range for a divorce Judge is to divide property somewhere between 60/40 and 50/50. If someone gets more than 50% of the property, it’s usually the lower earning spouse (so they may get alimony AND more of the property).
Want some more info? Check out our video explaining property division:
Any other questions, please feel free to contact us here: https://strategicdiv.wpenginepowered.com/contact-us/
Founding Partner – Strategic Divorce
Divorce Attorney Deerfield, IL
Divorce Attorney Deerfield Illinois
Divorce Attorney Deerfield