After determining which assets and debts are subject to distribution, each has to be assigned a monetary value. The process works best when you and your spouse can agree on those values. Otherwise, it will cost you time and money (think legal fees) to fight out the valuation issue in court. For real estate it is usually done via an appraisal which we can help you obtain.
How Do Judges Decide on an Equitable Distribution of Property?
After determining which property and debts are marital, the judge will have to decide how to distribute those assets and debts fairly between the spouses. When making that decision, judges must consider all of the relevant circumstances in the case, including:
how long the marriage lasted
the child custody arrangements
each spouse's economic circumstances after the divorce, including whether the custodial spouse will be awarded the family home or will have the right to live there for a period of time (more on that below)
each spouse's contribution to the acquisition, preservation, or change in value of the property, including one spouse's contribution as a homemaker
each spouse's potential to earn income and acquire assets in the future, in light of their age, health, occupation, vocational skills, and employability
each spouse's needs
whether the property division is in addition to or instead of a spousal maintenance (alimony) award
whether either spouse has wasted ("dissipated") marital property
the value of separate property that each spouse is keeping, as well as their liabilities
any previous agreements the couple had about their property
any obligations and rights arising from either spouse's previous marriage, and
the tax consequences of the property division for each spouse.
Contact Todd Probasco a Mortgage Divorce Chicago Specialist
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