Division of property in Illinois divorces

March 26, 2013 (Press-News.org) Division of property in Illinois divorces

No marriage is perfect. Even the happiest couples will have the occasional disagreement, but in most cases, these arguments are resolved before they become major problems. However, these disagreements may increase over time, leading the spouses to spend less time together. This can place a great deal of stress on the marriage, and the couple may decide that getting a divorce may be the best thing for their situation.

In Illinois, when a spouse files for divorce, there will be several issues that will need to be addressed before it is final. These issues can be quite complex, and the parties may not be able to find a solution to the challenges that they are facing. If they cannot come to an agreement on the issues that they resolve, it will be left for the courts to decide.

Once the divorce ends up in court, emotions can run even higher. The spouses will be presenting evidence that encourages a ruling in his or her favor. In property division matters, courts in Illinois have to make a ruling that divides the property equitably. Equitable, however, does not necessarily mean equal. There are a host of factors the court can consider in deciding how to divide property.

Certain property will be excluded from this process. This includes any inheritances or gifts given solely to one spouse and also property acquired before the marriage. Courts will also need to divide the debts that the spouses incurred during the marriage, which can include a mortgage or credit card debt.

If the couple owned a business together or own other high-value assets, it may be even more difficult to reach an agreement on the division of property. Businesses will need to be evaluated by financial professionals, so that the court will be able to learn the true value of the entity. One of the spouses may need to buy the other spouse out of the business, or it may be sold in order to fairly divide the property.

These rulings are often very dependent upon the arguments made at trial. If you are considering filing for divorce, try to take very detailed records so that you have an accurate idea of your family's assets. This can help a great deal if you end up in the courtroom.

Speak to an experienced family law attorney in your area to better understand the options that are available. Each person will have a different goal for his or her divorce, and it is important to express your needs at this time. The court's ruling can be very difficult to modify, so you need to understand all of the decisions that you are making, and the effect that they will have on your future.

Article provided by Lake Toback Attorneys
Visit us at www.ltddivorce.com