Do you live in the state of Illinois? Are you going through the divorce process? Are you concerned about what this will mean to your future, such as how your property will be divided?
If you find yourself in this position, it's important to learn more about Illinois marital property laws. With the right knowledge, it's much easier to make informed decisions while knowing what to expect in the future.
Here are some of the factors the court will consider when attempting to equitably divide property in the event of a divorce:
-- The contribution of both individuals to the purchase
-- The value of the property
-- The length of your marriage
-- The economic circumstances of both individuals
-- The financial needs of you and your spouse
-- The custodial provisions regarding any children
-- The occupation, health, age, amount, and income source of each spouse
-- The tax consequences associated with each type of property
While these are among the most important factors a court considers in regards to property division, others may come into play along the way. This is why you need to fully understand your situation, as well as your legal rights.
Nobody wants to go through a divorce, but if you find yourself in this position you should take steps that will make your life easier. There are many things you can do, including learning more about Illinois marital property laws. With this knowledge, you will find it easier to make informed and confident decisions, thus allowing you to put your divorce in the past as quickly and efficiently as possible.
Source: FindLaw, "Illinois Marital Property Laws," accessed May 08, 2017