Many couples in Illinois often come to the decision that their marriage is no longer functional for all involved, including any children of the relationship. Often, a divorce is the best choice for a happier, more fulfilling life. However, the process and separating the financial lives of two people can be complicated. As such, many turn to Lois Kulinsky & Associates, Ltd. for guidance with property division.
First, a couple must determine what is marital property and what is considered non-marital property. Marital property is any wages or assets accumulated during the marriage; it is subject to division. Non-marital property is assets gained before the marriage but can also include gifts and inheritances that were not combined with marital property. These assets are not subject to divisions.
However, when non-marital assets are mingled with marital ones, the process can be complicated. For example, if one spouse owns a house prior to the marriage but both make payments on the house with marital assets following the marriage. In this case, a non-marital asset has been combined with marital ones.
In Illinois, assets do not have to be evenly split, and certain decisions can impact property division. For example, a spouse who receives a larger share of marital assets may receive less spousal maintenance. Because the process can be complicated, many people going through a divorce want an experienced professional on their side. Fortunately, our attorneys have over 45 years of combined experience and can help with the process. An initial consultation with one of our attorneys can often help provide clarity into the options available.