Divorce Property Division: Allocating Assets and Debts
DIVORCE PROPERTY DIVISION: ALLOCATING ASSETS, DEBTS, AND LIABILITIES Divorce property division can be a complex area of an Illinois divorce. When dissolution proceedings are initiated a number of issues typically arise. One of the biggest tends to be the allocation of the parties’ assets and debts. If there isn’t a pre-marital agreement, the parties will likely have a lot to discuss and there may be some confusion regarding what is truly on the table. What is Considered “Property” in Divorce? When you hear the word “property” you may think of real estate and land. That is correct and those are considered “real property” in the legal world. However, there is also “personal property,” which is everything that is not considered real property. The typical examples of personal property involved in divorce include: automobiles, money, bank accounts, investment accounts, furniture, personal belongings, retirement accounts, etc. How is Property Classified in Divorce? In an ...