A divorce can be one of the most unpleasant experiences in a family’s life, especially when much time has been put into the relationship and in trying to give the best quality of life possible to everyone involved.
There are several reasons why a couple may decide to file for divorce, and depending on the reason, each spouse will need to spend time planning to divide his or her assets to finalize the divorce as smoothly as possible.
What is Marital Property?
Marital property is defined as all property, including debts and other financial agreements, acquired by either spouse following a marriage. Any property that has been acquired by either spouse after the marriage or before the divorce process is automatically considered marital property.
What Will be Required to Provide Marital Property?
When addressed in court, there may be judgments that make a big impact on each spouse’s marital property. Before judgment is entered, each spouse’s request for contribution to fees and costs incurred will be decided, with the following factors to be determined:
- A petition for contribution may be filed no later than two weeks after closing of proofs in the last hearing or within court orders, if a petition has not already been filed before the final hearing between each spouse.
- Any contributory award from either spouse will be based on the given criteria for marital property division under Section 503 of the Illinois Marriage and Dissolution of Marriage Act. If spousal support has already been awarded, then the contributory award will be based on criteria under Section 504.
- A contributory petition filed by each spouse does not count as a waiver for the attorney and client privilege between petitioning party and current counsel, and will also not count as a prerequisite to a contributory hearing.
- If either spouse presents his or her idea on contribution that includes evidence compliant with attorney and client privilege, then this will not count as a waiver of the privilege.
Contact Your Wheaton Divorce Attorney
Dividing assets during the divorce process can be frustrating. However, at Abear Law Offices, we have the experience and professionalism to assist you with your case. Attorney Anthony Abear has almost 20 years of experience in family law and divorce practice. He established his own law firm in 2003 with the vision to give his clients the easiest and smoothest experience possible. If you have questions regarding marital property, please call our experienced Wheaton divorce lawyers today at 630-904-3033 to schedule your free initial consultation.