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What is considered prior to a property division determination?

When the topic of property division comes up in a divorce, it is not something that is simply handled by having one spouse say "I get this asset" followed by the other spouse countering with "fine, but then I get this asset." Property division is not like a draft, nor is it a childish contest between two adults. Instead, there is a formal process for how property division is determined in the state of Illinois.

So what factors will be used to determine how the topic of property division is handled in your divorce? Here are a few important elements:

  • Finances. Obviously financial factors will play a huge role in property division. The tax consequences of property division; the future incomes of the spouses; the value of the property and assets; and the general economic factors involved in a couple's divorce will weigh heavily on the ultimate property division determination by a judge.
  • Contribution. This is an intricate factor, but it means that a judge will look at how you and your spouse each contributed to acquire, maintain, preserve or otherwise increase the value of an asset.
  • Existing prenups or other agreements. These will play a big role in how property is divided and assigned to the spouses.
  • The health, age, skills, liabilities and occupation of each spouse. Again, the judge will use all of these factors to make a decision on property.

There are other factors to consider too, so if you are involved in property division discussions, you should consult with an attorney as soon as possible.

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Goddard & Malmquist

Goddard & Malmquist
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