Property Division in Batavia Divorce Cases
Marital Settlement Agreements
Next to child custody and support, the topic of the division of property within the context of a divorce can be very stressful. It is hard to agree on who will take which asset when it is something such as a real estate entity that is desirable by both parties. The guidance of a Batavia divorce lawyer is often necessary to protect each individual's assets. If both parties can come to an agreement, a marital settlement agreement can be submitted. If there is a disagreement, assets will be separated into marital assets or non-marital assets in a court setting.
Protect Your Property in a Divorce
Illinois is an equitable distribution state, which means that all marital property should be equitably distributed among both parties of the divorce. This does not necessarily mean that the property will be distributed equally. Instead, a variety of financial and personal factors are put into consideration and marital property is distributed accordingly. "Marital property" includes all property obtained by either party after the marriage is officiated.
Equitable distribution is the division of marital property at the time of a divorce or legal separation. If the spouses cannot separate the property on their own, the court will step in and divide it up for them. The court of Illinois considers the following factors when enacting property divisions during a divorce:
- the contribution of each party to the acquisition of the property
- the duration of the marriage
- the opportunity for future acquisition of assets
- the direct and indirect contributions of each spouse
- the overindulging tendencies of either party
- the awarding of spousal support
- the need of the custodial party to own the residence
The above considerations are set in place to allow for a fair and just system of property division. It is the preferred method that the property division decisions are made solely between the two parties, but when this is not the case, legal authorities are available.
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