When you decide to get a divorce in Illinois, you realize you and your spouse will likely have to divide your belongings. However, this process can sometimes be more complicated than simply choosing what each of you wants. There are many factors that determine how you divide your marital property. At Lavin and Parisi, Attorneys at Law, we understand it is important for you to know as much as possible about this process.
You may think that when you divide your property, you will simply split everything in half. According to LiveAbout.com, you usually have to give a numerical value to all of your assets. This helps to ensure that you and your spouse receive an equal share of your marital property. Additionally, it is important to remember that your marital property means all of your assets, not just your physical belongings. You and your spouse will typically have to divide your joint finances, including your investments.
Dividing financial assets can be more complicated than dividing physical assets. To make it easier to divide your property, it is a good idea to have all of the documents about your finances. You and your spouse should usually both have copies of these documents. Additionally, you may want to establish rules for how you and your spouse can use joint accounts until you have both set up your own accounts. This can help you and your spouse make sure you keep things equal until you have separated all of your finances.
You may envision that an equal division of your marital property means that you both walk away with half of the assets. This is not necessarily the case. Illinois courts typically try to divide property as fairly as possible. This means that if your spouse does not work or earns a lower income, he or she may receive a larger portion because he or she does not have access to as many resources. You can find more information about this subject on our webpage.