Many couples going through a divorce operate under false assumptions about who will receive which assets. Here are a few guidelines to help you navigate the process:
- It does not matter whose name is on the account, title, deed or who has actual possession of cash, collectibles, or jewelry. If an item was acquired during the marriage other than by gift or inheritance, it is presumed to be “ours”. Just because he drives one car and she drives another does not mean that the cars will be divided in that manner.
- Any income earned during the marriage is “ours”. Simply living in separate homes or putting the income in a separate account does not make it “his” or “hers”. Merely because one person earned the income, does not make it “his” or “hers”.
- Having an agreement as to who will pay certain expenses does not mean that either party is going to be allowed to keep whatever is remaining after payment of those expenses. Balances in each account will likely be divided at the end of the divorce process.
- During the course of a divorce, each party is required to disclose what assets and debts they have and they will ultimately be divided between the parties.
- There is no law in Illinois that assets and debts will be divided equally. The law provides that assets and debts will be divided equitably. What is equitable will be based upon the parties’ assets, incomes, future obligations and earning capacity.
- The classification of marital and nonmarital does not legally occur until there is an agreement by the parties in a Marital Settlement Agreement that is incorporated into or included in a Judgment of Dissolution of Marriage entered by a judge or when a judge conducts a trial and enters a Judgment of Dissolution of Marriage.
Wakeman Law Group
741 S. McHenry Avenue
Crystal Lake, IL 60014