When it comes to dividing property in a divorce in Edwardsville, Illinois, the state employs an equitable distribution approach. Does this mean divorce in Edwardsville is a 50-50 split? The short answer is no. Unlike some states that follow the community property approach, resulting in an automatic 50-50 split, Illinois, including Edwardsville, relies on judges to consider various factors to determine what constitutes a fair, albeit not necessarily equal, division of property.
Martial or Separate Property
In deciding who receives assets like a house or vacation home, the property is first categorized as either marital (acquired during the marriage) or separate (acquired before the marriage, through gift, legacy, or descent). A judge weighs factors such as the duration of the marriage, property value, each spouse’s economic circumstances, child living arrangements, and other relevant considerations to make equitable decisions.
Pets
While pets are considered marital property, they often hold significant emotional value within couples’ families. Judges may consider factors like primary caregiver status, pet registration, and other relevant circumstances when determining pet custody post-divorce.
Gifts and Inheritance
Assets acquired through gift, inheritance, or descent are not considered marital property unless integrated or commingled with other family assets. Inheritances and gifts, however, may still influence the division of other marital assets if used in ways that benefit the family as a whole.
Retirement Plans and Pensions
In the absence of a prenuptial agreement specifying otherwise, retirement assets are subject to division between spouses after divorce. Judges consider factors such as individual contributions, marriage duration, asset values, and each spouse’s financial needs to determine a fair distribution of retirement assets.
Navigate your divorce with confidence and compassion with Elovitz Law Office. Our experienced team specializes in guiding clients through the complexities of divorce proceedings in Edwardsville, Illinois. Trust us to protect your rights and advocate for your best interests every step of the way.
