Illinois Divorce-ADDitional Personal Property & Bank accounts are accounts that are created to help a divorcing couple divide up their assets and debts. The accounts are created as part of the divorce settlement and the funds are used to pay for expenses related to the divorce, such as legal fees, spousal support, and other related costs. There are two types of Illinois Divorce-ADDitional Personal Property & Bank accounts: a Qualified Domestic Relations Order (QDR) and an Allocation of Assets & Debts (AOD). A QDR is used to divide retirement accounts, such as 401(k)s and IRAs, between the spouses. An AOD is used to divide other assets, such as bank accounts, investments, real estate, and personal property. These accounts are managed by the court or a third-party administrator. Both types of accounts are subject to Illinois state law and the terms of the divorce settlement. Funds are distributed according to the terms of the settlement, and can be held in escrow until the final divorce decree is issued. The funds are then released to the appropriate parties.
Illinois Divorce-ADDitional Personal Property & Bank accounts
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FAQ
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.
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 other spouse will then be compensated for their share of the house in other ways.
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.
For a court to make a finding of dissipation, it must be shown that the assets were used for a purpose unrelated to the marriage and that the use of assets reduced their value. This could include using marital funds for a mistress, buying expensive gifts for friends, or squandering money on gambling or drugs.
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 you founded the company during your marriage, your spouse is entitled to up to half of the company's value of the company because it is certainly considered marital property.
In Illinois, assets are considered to be marital property based on when they were acquired. If you opened or made contributions to a financial account during your marriage, that account is most likely a marital asset and subject to division in your divorce.
In Illinois, anything acquired during the marriage is marital property. 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.