630-462-9500

After Hour New Client Telephone Number 630-690-6077

1776 S. Naperville Road, Building B, Suite 202,
Wheaton, IL 60189
The Stogsdill Law Firm, P.C.
Subscribe to this list via RSS Blog posts tagged in equitable distribution

Lombard divorce lawyer for division of propertyMarriage is like a knot, and that knot can be very tricky to untie if you are getting a divorce. One of the most difficult parts of divorce can be the division of property. Many states use “community property” laws, which say that any assets obtained during a marriage are subject to equal division in the case of a divorce. However, Illinois is not a community property state, and instead, it uses a principle known as “equitable distribution.” This states that assets will be fairly and equitably divided between spouses in just proportions rather than being split 50/50.

Types of Property

There are two types of property that a married couple may own: marital property and separate property. Marital property is defined as all assets and debts obtained by either spouse during a marriage. This includes not just tangible property but also intangible assets. Examples may include vehicles, furniture, clothing, jewelry, bank accounts, trusts, real estate property, and business interests--as long as they were obtained during the marriage. Liabilities such as credit card debts or home and auto loans are also considered marital property. 

Separate property includes any assets that were obtained by one spouse before or after the marriage, as well as any inheritances given solely to one spouse. Marital property will be divided between spouses, but separate property will continue to be owned by the spouse that acquired it.

...
Dupage county bar association Illinois state bar association American Bar Association Rotary Martindale Hubbell Top 40 Under 40 Best 10 Best 10 DuPage County Bar Association State Badge State Badge Avvo

Contact Us To Schedule A Consultation With An Attorney At Our Firm

Call 630-462-9500 or provide your contact information below and we will get in touch with you:

NOTE: Fields with a * indicate a required field.
*
*
*
Back to Top