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Posted on in Divorce

DuPage County divorce lawyersWhen navigating the divorce process, it is common for parties to feel discomfort while going over contentious issues. For many, the most contentious issues revolve around a couple's marital property. Regardless of the economic position of the couple, property division can include nuanced financial portfolios, valuable assets, and land property. As you and your legal team prepare for the divorce process, it is important to first gain an understanding of marital property division.

What Constitutes Marital Property

Here in Illinois, marital assets must be equitably distributed. To be clear, that simply means that all marital property must be divided fairly (not equally). Before a court can make any decision concerning marital assets, they must first determine what property is marital and what property is non-marital.

According to Illinois State Law, marital property is defined as property acquired during the marriage. Marital assets can range from real estate and vehicles to bank accounts and business interests. Non-marital assets include real estate acquired prior to the marriage, property or assets that are excluded because of a prenuptial or postnuptial agreement, and property or assets that were purchased with nonmarital assets.

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DuPage County divorce lawyersA recent study conducted by a University of Maryland sociology professor, using data from the United States Census Bureau, found that divorce rates have been dropping steadily since 2008. In fact, in the eight-year period between 2008 and 2016, divorce rates have dropped an incredible 18%, nationwide. Yet, in all reality, the declining divorce rate has more to do with a smaller married population than an increase in healthier marriages. It is important to remember that removing yourself from an unhealthy marriage is almost always the best option for you and your family.

Millennials Are Not Marrying Young

Today’s young adult population has seemingly learned from the mistakes of their elders. Millennials are overwhelmingly electing to wait to get married until they are older, a decision that is directly leading to a declining divorce rate nationwide. In past generations, like the “Baby Boomers”, many American couples would marry at a  young age, have children, get divorced, and remarry. Millennials, it seems, are less inclined to marry before they are absolutely ready to do so.

According to the study mentioned above, the declining divorce rate is less about healthier marriages and more about couples from Generation X, as well as millennial couples, refusing to settle into marriages prematurely. The newest generation of young adults have proven to be more inclined to ensure that they are financially comfortable, finished with their academic careers, and firmly entrenched in a stable career path before tying the knot.

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