How Are Vehicles Divided in an Illinois Divorce?

 Posted on August 04,2020 in Division of Property

When it comes to divorce, there are many different topics that must be covered to complete the process. One of the most important topics is the asset and property division process, which is notorious for being stressful for some couples. During the division process, you and your spouse will have to determine how you will divide everything from the value of your home, the money in your retirement accounts, all the way down to the vehicles in your garage. Dividing your assets is an important process, which is why legal guidance from an experienced Illinois divorce lawyer can be beneficial.

Factors to Consider

Before you get down to business about how to divide your vehicles, you should be sure to consider all relevant information. These factors can include:

• Marital vs. nonmarital property: Before you do anything, you should determine if your vehicles are marital or nonmarital property. According to the Illinois Marriage and Dissolution of Marriage Act (IMDMA), property acquired prior to the marriage is considered nonmarital property, while property acquired during the marriage and before a legal separation or divorce filing is considered marital property. Marital property is subject to division, while the nonmarital property is not.

• Debt owed: Another thing you should consider is whether or not you still owe money on the vehicle. If you still have an auto loan that is active for the vehicle, this can factor into the property division for your divorce. If both names are on the auto loan, both spouses are legally responsible for repaying the loan, regardless of what the divorce decree states. Refinancing may be an option on the loan for the vehicle.

• Market value: Another consideration that can be helpful during the property division process is the market value of the vehicle. Not all vehicles are worth the same amount, due to age, condition, brand, or mileage. It is important to have a monetary value attached to the vehicle so you can accurately distribute your property.

Contact a Kane County Property Division Attorney

Property division consists of much more than just dividing up you and your spouse’s possessions. Typically, property division is actually a thorough process that begins with discovery and requires both spouses to be fully transparent with their finances. At the Law Office of Matthew M. Williams, P.C., we can help you and your spouse come to a fair agreement as to how your assets and debts should be divided among the two of you. To schedule a consultation with our skilled St. Charles divorce lawyers, call our office today at 630-409-8184.

Sources:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

https://www.forbes.com/sites/jefflanders/2011/04/12/understanding-how-assets-get-divided-in-divorce/#1fee8ebe2b66