Generally, in Illinois, each spouse is entitled to half of the marital property. However, a court can award property in "just proportions" after considering a variety of factors.
It may surprise you, but "marital misconduct" is not one of those factors. A court will not punish a cheating spouse through a marital property award. However, if your spouse’s misconduct meant gambling away or wasting your assets, then a court may consider that behavior, subject to certain guidelines. (See related post http://childcustodylawyerchicagoil.blogspot.com/2012/12/my-spouse-is-spending-all-our-money-new.html .)
Other factors a court may assess include each party’s contribution to an asset. Did you use individual funds to buy the asset? Or did you contribute your labor to your spouse’s individual property? In that case, you may be entitled to some reimbursement.
Courts can also look at how children fit into the property picture. Did you contribute to the marriage by staying home with the children? If you are getting primary custody, should your share include the marital home? Should you be given a greater share of property as a substitute for alimony (now known as maintenance)? How well equipped is each party to make a future living?
Courts look at legal obligations. Did you sign a prenuptial agreement specifying the property division? Do you pay child or spousal support to a prior marriage? What are the tax consequences to each party in dividing the property?
Other facts include the age, health, employability, debts and needs of each party. An elderly spouse or one with a serious illness might need a greater share of the property.
The issue of marital property can be extremely tricky with many land mines along the way. If you have questions about marital property issues, you should speak with an experienced family law attorney. An experienced attorney can help present your case in its best possible light to ensure that you get your fair share.
If you have questions about this or another domestic relations matter, please contact Zachary W. Williams at 1-312-981-0851 or email zwwlawyer@gmail.com.
Showing posts with label wasting property. Show all posts
Showing posts with label wasting property. Show all posts
Wednesday, December 12, 2012
“MY SPOUSE IS SPENDING ALL OUR MONEY!:” NEW LAW ON WASTING MARITAL ASSETS IN ILLINOIS
Now that your divorce is on the horizon, your spouse seems to be going through your jointly-owned property at an alarming rate. A change in Illinois law spells out the requirements for holding your spouse accountable. (See Illinois Disposition of Property law at http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=097-0941&GA=97. )
Illinois courts may look at whether one spouse has dissipated the marital assets when deciding how much property to award each spouse. As of January 1, 2013, a court may only consider a dissipation claim after you give proper notice.
A notice of intent to claim dissipation must be filed with the court clerk, served on your spouse, and given at least 60 days before trial or 30 days before discovery closes, whichever is later. (Discovery is each party’s opportunity to learn the facts about the other’s property, such as obtaining bank account records and taking testimony at a deposition.) The notice must specify a time period when the marriage began breaking down, identify which assets were dissipated, and when that happened.
The span of your dissipation claim has a time limit. You may not claim dissipation from more than five years before your divorce was filed or more than three years after you should have known about the dissipation.
The issue of marital property can be extremely tricky with many land mines along the way. If you have questions about marital property issues, you should speak with an experienced family law attorney. An experienced attorney can help present your case in its best possible light to ensure that you get your fair share.
If you have questions about this or another domestic relations matter, please contact Zachary W. Williams at 1-312-981-0851 or email zwwlawyer@gmail.com.
Illinois courts may look at whether one spouse has dissipated the marital assets when deciding how much property to award each spouse. As of January 1, 2013, a court may only consider a dissipation claim after you give proper notice.
A notice of intent to claim dissipation must be filed with the court clerk, served on your spouse, and given at least 60 days before trial or 30 days before discovery closes, whichever is later. (Discovery is each party’s opportunity to learn the facts about the other’s property, such as obtaining bank account records and taking testimony at a deposition.) The notice must specify a time period when the marriage began breaking down, identify which assets were dissipated, and when that happened.
The span of your dissipation claim has a time limit. You may not claim dissipation from more than five years before your divorce was filed or more than three years after you should have known about the dissipation.
The issue of marital property can be extremely tricky with many land mines along the way. If you have questions about marital property issues, you should speak with an experienced family law attorney. An experienced attorney can help present your case in its best possible light to ensure that you get your fair share.
If you have questions about this or another domestic relations matter, please contact Zachary W. Williams at 1-312-981-0851 or email zwwlawyer@gmail.com.
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