Scott B. Meyer Attorney at Law

Call To Get In Touch With A Skilled Lawyer

Phone : 618-207-4257

Scott B. Meyer Attorney at Law

Call To Get In Touch With A Strong Lawyer

PLEASE NOTE: Our office remains open and available to serve you during the COVID-19 crisis. We are offering our clients the ability to meet with us in person or via telephone. Please call our office to discuss your options.

Working Hard For You

Aggressive Criminal Defense And Family Law Representation

Several factors go into equal property distribution in divorce

| Apr 8, 2021 | Uncategorized

If you and your spouse have decided to end your marriage, you may be dreading the property division phase of the divorce.

In the state of Illinois, property division must be equitable but that does not mean a 50-50 split. The court considers many factors in the process.

Preparing for property division

Organizing your finances takes time but collecting information will give you a clear picture of what you own and what you owe. In preparing for property division, you must identify your assets and categorize them with respect to marital or non-marital. Each asset must have an attached value. Your attorney will need a complete set of financial documents, but you should keep copies for yourself.

Determining equitable distribution

The court will consider several factors in determining a fair division of assets:

– the length of your marriage

– the age, health status and needs of both you and your spouse

– the contributions you have both made to the value of the marital property

– your economic circumstances at the time the division of property becomes effective

– sources of income, your vocation skills and potential for employment if you are not in the workforce at the time of the divorce

– custodial provisions for the children of the marriage

– the tax consequences of property division relative to the economic circumstances of both you and your spouse

Looking ahead

Property division no doubt concerns you. Keep in mind that the goal of the court is to award distributions in the most equitable manner possible. The process will be easier to navigate if your financial documents are well organized as you face this part of the divorce process.