Property division is an integral part of a divorce, and Illinois is an equitable division state. This means that marital property is divided equitably, not necessarily 50/50. In most cases, the court will distribute assets based on a party’s needs.
Here are three tips to make your work easier.
Make a list
Undoubtedly, you are aware of the assets you own. Nonetheless, it will help to list them to determine marital and non-marital ones based on Illinois laws. This may help you understand how the division will happen and what you will have after the divorce is finalized.
Know the value of your assets
During property division, the judge will consider the value of your assets. You may need to bring in specialist help to ascertain the value of certain items, such as artworks or classic cars, whose worth can be hard to determine. You will also need help understanding the tax implications of any particular asset.
Understand your debts
When listing your assets, you should also write down your debts. Debt acquired during a marriage is considered marital property in Illinois, so it’s subject to equitable distribution. Thus, the judge will split it fairly. However, you should know your debts and those your soon-to-be ex-spouse is most responsible for to protect your rights.
Preparing assets and debts during your divorce may give you a clear picture of how the distribution may go. Further, it may allow you to protect yourself legally. You should learn more about asset division to make informed decisions.