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Regarding Divorce, I'm looking for Property Division rules…

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Regarding Divorce, I'm looking for...
Regarding Divorce, I'm looking for Property Division rules in state of illinois.
1. My Spouse and I both Work , living in IL for past 8 months
2. Have Own Single Family Home worth $170k with 125K pending on Mortgage
3. Gold worth 40K
4. Liquid Cash 10K
5. Credit Card and Other Debts - 50KPlease provide details on how much will be shared between two of us
Submitted: 4 months ago.Category: Family Law
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Answered in 23 minutes by:
12/1/2017
Family Lawyer: LegalGems, Lawyer replied 4 months ago
LegalGems
LegalGems, Lawyer
Category: Family Law
Satisfied Customers: 12,570
Experience: Experienced Family Law Attorney
Verified
Is the propera acquired during marriage?
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Customer reply replied 4 months ago
Property acquired after Marriage and My Wife Started working last year out of our 10 Years of Marriage
Family Lawyer: LegalGems, Lawyer replied 4 months ago

The court is permitted to divide only marital property-ie that property acquired during marriage; here is that statute:

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm

Per statutory directive the court will divide property in an equitable manner - in "just proporition" which means fair, and not necessarily equal. The court will not consider marital misconduct but will consider the following factors:

(1) each party's contribution to the acquisition,

preservation, or increase or decrease in value of the marital or non-marital property, including (i) any decrease attributable to an advance from the parties' marital estate under subsection (c-1)(2) of Section 501; (ii) the contribution of a spouse as a homemaker or to the family unit; and (iii) whether the contribution is after the commencement of a proceeding for dissolution of marriage or declaration of invalidity of marriage;

(2) the dissipation by each party of the marital

property, provided that a party's claim of dissipation is subject to the following conditions:

(i) a notice of intent to claim dissipation shall

be given no later than 60 days before trial or 30 days after discovery closes, whichever is later;

(ii) the notice of intent to claim dissipation

shall contain, at a minimum, a date or period of time during which the marriage began undergoing an irretrievable breakdown, an identification of the property dissipated, and a date or period of time during which the dissipation occurred;

(iii) a certificate or service of the notice of

intent to claim dissipation shall be filed with the clerk of the court and be served pursuant to applicable rules;

(iv) no dissipation shall be deemed to have

occurred prior to 3 years after the party claiming dissipation knew or should have known of the dissipation, but in no event prior to 5 years before the filing of the petition for dissolution of marriage;

(3) the value of the property assigned to each spouse;
(4) the duration of the marriage;
(5) the relevant economic circumstances of each

spouse when the division of property is to become effective, including the desirability of awarding the family home, or the right to live therein for reasonable periods, to the spouse having the primary residence of the children;

(6) any obligations and rights arising from a prior

marriage of either party;

(7) any prenuptial or postnuptial agreement of the

parties;

(8) the age, health, station, occupation, amount and

sources of income, vocational skills, employability, estate, liabilities, and needs of each of the parties;

(9) the custodial provisions for any children;
(10) whether the apportionment is in lieu of or in

addition to maintenance;

(11) the reasonable opportunity of each spouse for

future acquisition of capital assets and income; and

(12) the tax consequences of the property division

upon the respective economic circumstances of the parties.

So it will depend on the parties' specific circumstances and the judge's take on what would be a fair distribution.

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Customer reply replied 4 months ago
The information that was provided was at 30,000 feet and I did get this information online..What I'm looking for is Details about Possible amount that gets distributed
Family Lawyer: LegalGems, Lawyer replied 4 months ago

Because equitable distribution has been left by the legislature to the particular judge that is overseeing the case to determine what is fair and just under the circumstances (excluding marital misconduct) it is not possible to say with certainty what a particular judge will determine; the best way to determine that is to ascertain what judge will be sitting on the bench for that case and look at their past rulings. Some judges tend to simply do a 50/50 division as they deem that fair under normal circumstances.

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Family Lawyer: LegalGems, Lawyer replied 4 months ago

Hello again; just checking in to see how things worked out;

If you have no further questions a positive rating is most appreciated (at no additional cost to you) and allows the site to credit my account for the time spent assisting you!

if you have further questions please don't hesitate to reach out to me here on Just Answerand I will do my best to get you the requested information.
Thanks!

The above information is for educational purposes only. A consultation with a private attorney is recommended so they can apply the law to your specific facts, and suggest the best course of action. An attorney can be located here:
http://www.americanbar.org/groups/public_education/public-information/how-do-i-find-a-lawyer-.html
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