Equitable division of marital assets is a requirement in all Illinois divorces. Couples who need guidance about these laws consult divorce lawyers in Rockford, IL, when filing for a divorce. Understanding how to manage marital property division helps create an amicable divorce agreement.
What are Marital Assets?
All assets in the marital estate were purchased or acquired during the marriage. The marital home, vacation homes, automobiles, and antiques or furniture you and your spouse purchased are marital assets.
When setting up the divorce agreement, you must decide who gets these assets, or you’ll need a divorce trial where a judge decides for you. Then, with the help of divorce lawyers in Rockford, IL, you and your spouse identify marital assets and divide them according to current laws.
Retirement Funds, Stocks, and Bank Accounts
All financial assets procured during the marriage are part of the marital estate. Any amount you contributed to a retirement fund while married is divided in the divorce. If you and your spouse buy stocks, both parties are entitled to half its value. Bank and savings accounts are financial assets, and you and your spouse are entitled to half of the balances.
What Assets Aren’t Part of the Marital Estate?
Assets acquired before the marriage are not part of the marital estate except the marital home. If you inherited money or assets, you don’t have to share these assets with your former spouse. Any gifts you receive from anyone, including your spouse, are not included in the property division.
Divorce cases require a fair and reasonable division of marital assets. This division isn’t 50/50, but each party gets a fair share of the marital estate. Contact Crosby & Crosby LLP Attorneys at Law to discuss your divorce case.
