Agreement Division Property With Land In Illinois
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Examples of marital property include the marital home, retirement accounts, and vehicles. Illinois is an equitable division state, so marital property does not have to be split evenly. Marital property is property owned by both parties. This type of property is split during the property division phase of a divorce.
Illinois is an equitable division state, so marital property does not have to be split evenly. Marital property is property owned by both parties. This type of property is split during the property division phase of a divorce. Marital property does not have to be split evenly, rather it is split equitably.
In Illinois, any property that is acquired before the marriage, by gift, or by inheritance is non-marital property. 750 ILCS 5/503(a). In addition, any income received from non-marital property or increase in value on the property is considered non-marital property.
Unfortunately, Illinois law doesn't provide an easy answer in these situations, as there's no defined rule about who must leave the family home in a divorce.
When parties can't come to an agreement, the court decides how to split property. Illinois is an “equitable distribution” state, which means the court won't simply divide marital property evenly. Rather than splitting everything 50/50, they look at each party's current situation and future needs.
It is often one of the biggest assets to be divided, and both parties may have an emotional attachment to the house. There is no hard and fast rule as to who gets the home in an Illinois divorce. Generally, if there are minor children, then the spouse with the majority of parenting time will typically get the house.
The principle of "equitable distribution" guides property division in Illinois divorces. Instead of dividing a couple's property equally, judges will divide their property and allocate their debts based on what's fair under the particular circumstances. "Fair" doesn't necessarily mean a 50-50 split.
Illinois is an “equitable distribution” state, which means the court won't simply divide marital property evenly. Rather than splitting everything 50/50, they look at each party's current situation and future needs.
If both parties lived in the house, it is a marital asset and will be split. Because Illinois is an equitable distribution state, the marital estate is not always split 50/50. The house cannot be physically split in half, so one party can keep it, it can be sold, or it can continue to be co-owned.
Property Ownership for Unmarried Couples As recently as 2016, the Illinois Supreme Court reaffirmed that unmarried partners have no rights to the other partner's property if the couple breaks up.