In a divorce, the division of assets is a major factor. While you may have been able to cover all your expenses along with your soon-to-be ex-spouse, you may find it hard to tell if you will be able to cover everything on your own. You should know your rights to protect your assets like your 401k, your home, and anything else that has acclimated during the time of your marriage. There are two different processes that will divide up the assets in the divorce, the one used depends on what state you live in. For those living in Cahokia, IL, we will be discussing more on asset division in a divorce.
Equitable Asset Division
For those living in Cahokia, IL, this is the division type that is used. States that practice equitable division believe that most property that was acquired during the marriage is marital property that needs to be divided fairly between both parties. This does not necessarily mean the division is split 50/50. The judge will be decided on factors like the length of the marriage, the age of the spouses, and the value of both marital and non-marital property among other factors when deciding how the assets are divided.
Community Property
States that practice community property sees all property that was acquired during the marriage as partial property that should be divided equally during the divorce. The reasoning used in deciding what constitutes a 50/50 division here can be a complicated endeavor. The property that is divided between the spouses is marital property, thus anything that is non-martial is not divided. There is some instance where things that martial property could be are not. For example, if you had received an inheritance from a relative and it was made out to solely you in your name, it would be considered non-marital.
Retirement accounts are harder to decipher as both spouses can contribute to them. If you created your 401k before you were married, as long as you have valid documentation of its value before your marriage, you could have your assets split more into your favor than simply having it split 50/50. For your best interests, you should hire a lawyer and/or a financial expert for helping you understand your assets, especially when retirement plans are on the table.
If you have any questions about asset division during a divorce in Cahokia, IL, or need an attorney to assist you with your divorce, give our experienced team over at the Law Offices of Robert Elovitz a call today!
