Do you live in the state of Illinois? Are you going through the divorce process? If you answered yes to these questions, there are a few things you need to know.
In Illinois, property acquired during marriage is classified as marital property. Subsequently, it will be divided during divorce.
Property that is acquired before tying the knot is considered nonmarital. This will not be divided in the event of a divorce.
In most divorces cases, there is a group of assets that need to be divided. The most common include:
— Investments, such as bonds or stocks
— Real estate
— Bank accounts
— Business property
— Personal property
— Retirement funds and pensions
Most people will fight to get whatever they can. But remember this: Divorce also means the division of debts. You aren’t just dividing assets, you also have to take on an equal amount of debt.
What debts do you owe? What debts can you avoid paying? Your goal is to obtain as many assets as possible, while avoiding debt. This is why it is essential to understand state laws, including how property division works.
There is more to a divorce than signing a few documents and moving on with your life. You also have to consider the division of marital assets and debts. If you don’t understand your rights, you have come to the right place. We offer plenty of guidance on this subject. If you want to learn more, visit our webpage entitled “Property Division.” It will provide you with the advice needed to feel better about the future.