PLEASE NOTE: Johnson, Johnson & Nolan will remain open and available to serve you during the COVID-19 crisis. We are offering our clients the ability to meet with us in person, via Telephone or Video Conference. Please call our office to discuss your options.

Five Generations Of Legal Excellence - One Client At A Time
Divorce
Family Law
Estate Planning
Probate And Estate
Administration
Business Law

Factors that influence the division of marital property

| May 15, 2016 | Divorce |

According to the State of Illinois Data Portal, there were more than 32,000 divorces in 2009 across the state. For residents of Belleville, or any other part of Illinois, it is important to understand which factors influence how marital property is divided. Filing for divorce is often a big step for many people. Although separation sometimes presents challenges, many couples have been able to work towards an end result that is both emotionally and economically healthy.

On the Illinois General Assembly’s site, there is an overview of various factors that courts take into consideration when determining how to distribute marital property. For example, courts will review how long a couple was married as well as each party’s financial situation. Prenuptial agreements may also have an impact on how marital property is divided and courts will also look at how much the property is worth. Other factors that affect property division include the anticipated earning ability of each party, tax implications and the health and age of each individual.

Furthermore, courts attempt to protect a child’s best interests, which may also have an impact on how marital property is split up. Before filing for divorce, it is essential for people to prepare financially in every possible way. Whether the division of property affects someone greatly, or they experience other financial hardships after separating from their spouse, divorce can change an individual’s life in many ways. Fortunately, those who prepare can often secure a more favorable outcome and prevent certain hassles that sometimes arise with divorce.

Categories

Archives