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Understanding marital property is vital during property division

| Feb 3, 2020 | Lake County And Cook County Divorce Law Blog, Property Division |

Getting a divorce often means having to think about matters that may not have crossed one’s mind before. In particular, Illinois residents may have to give more thought to what assets belong to whom when going through property division proceedings. Previously, asset ownership may have seemed obvious, but it may not be as clear-cut as once believed.

Understanding marital and separate property is important during the division of assets. Almost anything obtained with marital funds during the marriage is marital property. Some examples can include automobiles, clothing, furniture, investments, real estate and more. Of course, marital property can also include debt. Mortgages, credit card debt, business loans, medical debt and other outstanding balances could be divided during a divorce if it was accrued during the marriage.

Some specific items may be of concern during this time. For example, some parties may wonder who will get the house. The answer to that concern can depend on the circumstances. One party may have no interest in keeping the home while the other does, or on the other hand, both parties may be willing to sell the property and split the proceeds. Of course, if both parties want to keep the home, negotiations may be necessary.

Property division can be one of the more difficult aspects of divorce, especially when a considerable amount of wealth or assets is involved. If Illinois residents have concerns about specific property or the difference between marital and separate property, they will certainly want to make sure they have the right information regarding those matters. Fortunately, knowledgeable family law attorneys can help individuals find the answers they need.