Divorce property – How is property divided during a divorce? What is transmutation? Watch this short video and learn more about the division of property during a divorce.
Understanding Illinois can be difficult, but if you would like to see some of the laws that govern the division of property, look here.
The complexity of the law regarding divorce property
Just to give you a taste of how complex this law is here is sample:
Property acquired prior to a marriage that would otherwise be non-marital property shall not be deemed to be marital property solely because the property was acquired in contemplation of marriage.
The court shall make specific factual findings as to its classification of assets as marital or non-marital property, values, and other factual findings supporting its property award.
(b)(1) For purposes of distribution of property, all property acquired by either spouse after the marriage and before a judgment of dissolution of marriage or declaration of invalidity of marriage is presumed marital property. This presumption includes non-marital property transferred into some form of co-ownership between the spouses, regardless of whether title is held individually or by the spouses in some form of co-ownership such as joint tenancy, tenancy in common, tenancy by the entirety, or community property. A spouse may overcome the presumption of marital property by showing through clear and convincing evidence that the property was acquired by a method listed in subsection (a) of this Section or was done for estate or tax planning purposes or for other reasons that establish that the transfer was not intended to be a gift.
It goes on for pages like that: http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm
You might want an attorney to talk to you about divorce property. Attorney Daniel Kay can help you to understand these complex laws and case history.
Make divorce as painless as possible by having a really caring and experienced attorney in your corner.