What Happens If We Disagree Regarding Marital Property Division?

 Posted on June 13, 2023 in Divorce

There are many reasons that divorces involving older adults are complex. Among them is the fact that older adults generally have more significant assets than younger people in their 20s or 30s. You may have investments, real estate properties, retirement assets, stocks, multiple motor vehicles, high-value personal property, and more.

Deciding who keeps what is often one of the hardest parts of a divorce. If you and your soon-to-be ex disagree regarding how to split up your shared property, it is important to know how Illinois law addresses the division of assets during a divorce.

Negotiated Settlement Agreements

Illinois courts encouraged divorcing spouses to negotiate an agreement regarding the division of their property and debts if possible. If you and your spouse disagree about who should keep the marital home, how to address valuables such as jewelry or fine art, whether to sell your vacation home, or any other aspect of the property division process, consider working with a divorce attorney. Your divorce attorney can help you negotiate the terms of the property division arrangement with your spouse. Another option is mediation. During mediation, divorcing spouses work with a mediator who facilitates conversation and helps the spouses reach an agreement.

Divorce Discovery and Litigation

If you and your spouse cannot reach an agreement with help from your attorneys or through mediation, the next step is litigation. Each spouse’s attorney will gather financial documents and other information related to the case. They may use depositions, interrogatories, requests for admission, or subpoenas to gather the necessary documentation and financial data.

There is still an opportunity for the parties to reach a settlement during litigation. In fact, in the vast majority of contested divorce cases, the spouses are able to reach a settlement before the case advances to trial.

If the case is not resolved before the trial date, a judge will consider information and evidence from both sides and then issue a ruling based on Illinois law. Illinois law states that courts should consider the following factors when deciding property division:

• Each spouse’s contribution to the acquisition of property

• Non-financial contributions made to the marriage or household

• Any dissipation of assets or financial fraud

• The value of the nonmarital and marital property assigned to each spouse

• The duration of the marriage

• Child custody provisions

• Each spouse’s ability to earn income in the future

• Tax-related factors

Contact a DuPage County Divorce Lawyer

If you are over age 50 and plan to divorce, you need a divorce lawyer who understands the unique complexities involved in so-called “gray divorce.” Reach out to our skilled team of Wheaton divorce attorneys to discuss your needs. Call 630-634-5050 and set up a free initial consultation.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm