How are assets and liabilities divided in a divorce?
How are assets and liabilities divided in a divorce?
When you get divorced, community property is generally divided equally between the spouses, while each spouse gets to keep his or her separate property. Equitable distribution: In all other states, assets and earnings accumulated during marriages are divided equitably (fairly) but not necessarily equally.
What does equitable distribution mean in a divorce?
Equitable distribution is a legal theory whereby marital property is distributed equitably in a divorce proceeding. Property assets are classified as either separate property or marital property. Most US states follow the equitable distribution theory.
How are marital assets divided in a divorce in Illinois?
Only marital property is divided during an Illinois divorce. Marital property generally includes property obtained by either spouse during the marriage. However, if the spouse uses some of those funds to pay for shared expenses during the marriage, the funds may be transmuted into marital property.
How do I know if I am ready for divorce?
You can Be honest with yourself Being honest with yourself is the biggest favour that you can do yourself when you are thinking about divorce. If you are being honest with yourself about how you feel, about the fact that you are unhappy and want to end your marriage, you’re ready for divorce.
