The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

Yorkville Office By Appointment

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Illinois divorce attorney, Illinois family lawyer,When you are married for a long period of time -- even if it is just for a few years -- you are bound to have many shared assets that you have accumulated over time. Dividing your assets during a divorce can be messy and complicated, especially if both of you want the same things. Illinois courts prefer for couples to try to divide up their assets on their own before the responsibility goes to a judge, but sometimes a judge is very much needed to settle disputes. When they say everything must be split up, they mean everything -- even unusual assets that you may not think about much.

Marital vs. Non-Marital Property

Before you can divide anything in your marriage, you must first determine what property must be divided. In Illinois, only marital property is subject to division. Non-marital property remains with the spouse whose property it is. Marital property is any property, including debts and other types of obligations, that either spouse acquires during the marriage. The exception to that rule is non-marital property, which includes:

  • Property acquired by gift, descent or legacy;
  • Property acquired in exchange for property acquired before the marriage;
  • Property acquired by a spouse after a legal judgment of separation; and
  • Property excluded by a prenuptial or postnuptial agreement.

Physical Property

Property that is a real object and can be touched is physical property, which is probably what you think of when you think of property division. Physical property that is subject to division can include:

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Illinois divorce attorney, Illinois family lawyer, Illinois child custody lawyer,There are a million and one things that you need to cover in a divorce settlement. There is the house, child support, allocation of parenting responsibilities, splitting bank accounts, and determining spousal support. With so many things already on your mind, it is easy to forget about things that are smaller - but still just as important. These things may not be significant now, but they can affect you in the future. Debts or Other Financial Obligations Usually divorcing couples argue about who gets the money in the savings account and who gets to keep the house - nobody is arguing about who gets to repay debt. When you get divorced, you are not forgiven of your debt and you still have the responsibility to pay it back. Whether it be personal debt, credit cards, or a mortgage, you should outline who pays what so there is no confusion. Car Insurance If you have children, car insurance is something you will have to consider when they come of age to drive. Many insurance companies will increase your premiums automatically when your children reach the driving age, even if they are not actually driving your car. The sooner you can negotiate how those extra costs are divided, the better. College Costs for Your Children In Illinois, parents have the responsibility to help their children attend post-secondary education if they choose to. This means that the courts will require one or both parents to contribute to the child’s education if it is necessary. Portions of the parents' income or property could be used to cover costs such as college application fees, college entrance exams, books and supplies, living expenses and tuition. You can choose to outline your own college payment plans in a divorce settlement if you do not want the courts to decide for you. Collections and Memorabilia Things such as books, art, antiques, and coins can be just a hobby to you, but they can be worth a lot of money. Not only are they intrinsically valuable to you, they are also financially valuable, so it is important for you to decide what happens to them when you divorce. Get Help from a Kendall County Divorce Lawyer

There are many things that should be covered in a divorce settlement--too many things for you to remember on your own. If you are getting a divorce, you should contact a Naperville divorce attorney to help you keep everything straight. Rely on the Law Office of Matthew M. Williams, P.C. to help you come to a comprehensive and agreeable divorce settlement. Call the office at 630-409-8184 to set up a consultation.

 

Source:

https://www.forbes.com/sites/jefflanders/2013/10/16/divorcing-women-dont-forget-these-marital-assets/

The Law Office of Matthew M. Williams, P.C.

630-409-8184

1444 North Farnsworth Avenue, Suite 307, Aurora, IL 60505

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