The judge of a civil partnership or divorce settlement will examine what they consider to be an 'equitable and reasonable' allocation. This will include both matrimonial (what you along with your spouse/civil partnership built over the course of your relationship) and non-matrimonial properties.
Normally, the reason for your divorce won't affect any financial settlement. Children have the first priority.
Matrimonial assets
The marital estate plays a significant element in the determination of family law settlements. Marital assets are the ones that each spouse acquires in the course of wedding (except the case of inheritances, gifts as well as personal injury or workers compensation awards to compensate for suffering and pain, as well as gifts from third parties). This includes retirement accounts, banks, cars, and homes. In most cases courts, they will distribute these assets as part of a settlement financial following separation. The process is carried out using the spouses' living standards in the time of marriage.
The line between separate and marital assets is crucial as it's difficult to distinguish. This is particularly true when you and your spouse have converted separate property into marital property, such in the case of adding another spouse's name onto any account or property. These actions, whether they were deliberate or not, may result in a divorce loss.
Also, it is possible for separate property to be deemed marital property by how it was used during wedding. Consider, for instance the case where a woman owned an apartment prior the time she married her husband. She continued to live in the same apartment after the marriage as well as her husband both contributed for mortgage payment and utilities. The property's value increased throughout the time. If the couple decided to divorce, then this appreciation in value will be considered part of the marital property and therefore it would be subject to division.
A premarital agreement or a postnuptial contract may protect different assets in certain circumstances. However, this is not an exact method to guarantee that non-marital assets will stay intact. When determining the financial settlement of divorce proceedings, a court may still take into account a number of elements, such as the contribution made by each of the parties to the asset in the course of marriage as well as the amount of time that the property has been owned by their names.
The term "equitable division"
In Illinois court, judges follow the laws of equitable division in relation to the distribution of property. The judge who preside over your case could decide to divide your assets differently that you would expect. The term "equitable" does not always refer to the same thing as equal. Simply, it means fair.
The court will take into consideration a variety of variables when dividing your assets. They will consider your spouse's income and lifestyle, wasteful expenditure or mismanagement in addition to any other facts relevant to the case.
In order for a court to take a final decision, you and your spouse should provide all facts about your income expenditures, assets, and obligations. If you don't give full disclosure, the court could reject your settlement or even order to retry the case. It is crucial to get legal assistance and advice from a skilled matrimonial lawyer. Our financial settlement attorneys can explain how the Illinois equitable division laws work in your specific circumstances. Get in touch with us today for a consultation. We offer services to customers throughout the greater Chicago region.