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Divorce

Geneva Divorce LawyersThe division of assets can be one of the hardest parts of the divorce process, both because of the financial implications and the personal attachments that each spouse may have to the property. Your home may be the first thing that comes to mind when you think about dividing property in a divorce, but you will also need to determine how to handle a variety of different financial accounts including bank accounts, investment portfolios, and retirement accounts. Each of these has its own unique considerations when it comes to dividing them while protecting your interests.

Which Accounts Are 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. Importantly, an account does not have to be jointly held in both spouses’ names in order to be a marital asset. However, if you have an account that was funded entirely before your marriage, or funded entirely with non-marital assets like an inheritance, the account may belong entirely to you.

Dividing Different Types of Accounts

Here are some of the most common types of financial accounts that married couples may have, as well as what you will need to consider when dividing them:

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Kane County Property Division LawyerFinancial issues are likely to be one of your primary concerns when you get divorced. Decisions about how to divide your marital property will affect the resources available to you after you finalize your divorce. You will also need to be aware of the tax implications of these decisions and the expenses that come with ownership of certain assets. Addressing your marital home can be difficult, since it may be one of your most valuable assets, and both you and your spouse may have emotional attachments to it. By understanding the available options, you can determine the best approach to take as you divide your marital assets.

3 Options for Handling Ownership of Real Estate

If you and your spouse bought your home after you got married, it will be considered a marital asset, even if it was only titled in one spouse’s name. This means that the equity in your home will need to be included in the division of marital property. If either of you owned your home before you got married, it will usually be considered separate property that is not part of the marital estate. However, if the home increased in value during your marriage due to contributions by both spouses (such as using marital funds to pay for home improvements), the spouse who owns the home may be required to reimburse the other spouse for their contributions.

Typically, you will need to take one of three approaches when addressing ownership of your marital home:

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