Chicago, IL- Divorce may be fairly common among couples in Illinois, but that doesn’t mean all couples are well-versed in the process. For the uninitiated, divorce can be a mysterious process and it’s not unusual for a couple to have numerous misconceptions about how property division in Illinois. USAttorneys’ team of divorce lawyers in Illinois
Equitable division means a 50/50 split of a couple’s assets
This is likely the most misunderstood aspect of divorce laws. Many couples have this notion that equitable division means their assets will just be split in half. That’s not necessarily the case. Of course, a couple can decide to do a 50/50 split, but if they are going to rely on the court to make that decision, the court isn’t going to split a couple’s assets in half. Say for instance, one spouse makes less and needs more to maintain the standard of living they enjoyed during their marriage, the court would take that in consideration when deciding how to divide a couple’s assets.
Every marital asset is community property
It’s a natural thing for a couple to think all their possessions belong to both of them, but that isn’t true. Under Illinois divorce laws assets a couple owns prior to filing for divorce is community property, but one spouse can claim property or an asset as exclusively their own. In order to keep an asset from being considered community property, a spouse must provide evidence showing the item or asset was a gift or belonged only to them.
A spouse who earns the most will keep most of their assets and income
In many Illinois marriages, one spouse earns more than the other. Higher-earner often fail to realize that the money they make is not solely theirs. A judge, when considering how to divide a couple’s assets, will consider monetary and non-monetary contributions of each spouse and often awards alimony or spousal support to the lesser earning spouse. That means a portion of the higher-earning spouse’s income will be used to support their estranged spouse.
My business is not considered marital property
This is another common misconceptions and unfortunately for one spouse, a business can be considered community property and can divided up in the final divorce settlement.
Some Illinois couples already know how they will split their property and assets when they decide to file for a divorce. They can do this alone or with the assistance of an attorney through negotiations. But some couples need help making such important decisions, so they should turn to a divorce lawyer in Illinois for their expert advice. They will explain the state’s equitable division laws and tell you what to expect for your divorce.
Having a divorce lawyer on your side, protecting your interests will make the process a little easier. The legal eagles at USAttorneys strive to get their clients the best settlement possible and take some pain out whole affair. Contact one of our attorneys today and let them get started on your case.