Arlington Heights Divorce Lawyers get a lot of questions day in and day out. There are issues involving custody arrangements, alimony, and many other areas. One area in which many people might overlook would be equity division, and usually, the first question they would get is simply this one: What is equity division in an Arlington Heights Divorce?
Illinois Is a State That Recognizes “No-Fault Divorce.”
Arlington Heights divorce lawyers reside in a state that recognizes “no-fault divorce.” This means that no matter what the circumstances of the divorce, the property is divided along the lines of marital and non-marital assets. Generally, whatever you “bring into” the marriage in a no-fault divorce state remains your property. However, whatever you acquire DURING the marriage is considered “marital property” and the courts will have to decide who receives it. This can include literally anything, including such things as racehorses (if they were purchased during the marriage, of course).
Other Factors That Have to Be Considered
Of course, in attempting to answer the question “What is equity division in an Arlington Heights Divorce?” you also have plenty of other factors that you should look at, including the following:
Length of Marriage
If the marriage was a short one, there is a greater chance that the court will split the marital assets right down the middle since there probably won’t be as much.
Earning Potential
If one of the partners was a homemaker in the marriage, then there is a greater chance that he or she will get a larger piece of the pie in a long-term marital split. This is because the earning spouse can still support themselves after the split, but the homemaking spouse will have a more difficult time in doing so.
Children
One of the main reasons why one spouse will often get the family home in a divorce is due to the well-being of the children, among several other factors.
Questions?
There are plenty of other issues to confront in an Illinois divorce? What about inheritances? What about retirement funds or pension plans? There are plenty of questions to consider, so that is why you should contact your Arlington Heights divorce attorney at Law Office of Fedor Kozlov, P.C.
So, when you are asking the question: “what is equity division in an Arlington Heights Divorce?” you should think of a team that knows the law of Illinois inside and out.
