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Handling finances in a divorce case is one of the most complex matters to deal with. Financial matters are also some of the most important issues to resolve. Ensuring a secure financial future is a main concern for many divorcing spouses. Dividing marital property, including financial assets and personal property, can be a very tense process. Often, each spouse will have an emotional attachment to an item, which can lead to additional issues during the divorce. To learn more about dividing personal property in a divorce, read the information below, and consider reaching out to one of our experienced DuPage County divorce attorneys to help you through your divorce.
Property Division in Illinois
Illinois law establishes a standard for dividing property in divorce cases. This standard, equitable distribution, dictates how all marital assets are split between two divorcing spouses. Equitable distribution does not mean that each spouse gets half of all marital assets. Instead, it means that each spouse receives a fair share of the marital assets based on his or her individual contributions to the marriage. These contributions are monetary and non-monetary, including spousal financial and emotional support. For the purposes of equitable distribution, marital assets are all assets and property acquired during the marriage. In Illinois, it does not matter which spouse holds title to the asset; if an asset was acquired during the marriage, it is generally considered marital and thus subject to equitable distribution.
What Is Personal Property?
Personal property is a broad term that encompasses the material possessions accumulated during the marriage. This type of property commonly includes:
The main difficulty when dividing personal property in a divorce is the emotional attachment one or both spouses form with the item itself. These items often become so intertwined in the marriage, that it seems impossible to divide personal effects during divorce. One way to help ease the tension during the property division process is to make a list of the personal property you want. Putting pen to paper can help you better communicate your legal goals to your divorce attorney. Making a list of the personal property you want to retain after the divorce can also be helpful if your case goes to mediation.
Contact DuPage County Divorce Lawyers NowThe experienced DuPage County family law attorneys at the Law Office of Martoccio & Martoccio fully understand the unique complexities in divorce cases. Our attorneys offer practical, empathetic advice to help you through the divorce so you can move forward. We offer every new client in DuPage County a free initial consultation, so you can discuss your questions and concerns with a divorce lawyer immediately. Contact our firm today to schedule your consultation today.