What Happens to Property During a Divorce in Bloomington, IL?

Divorce is tough, and figuring out who gets what can make it even harder. If you’re getting a divorce in Bloomington, IL, it’s important to know how property and debts are divided. Illinois has specific rules to make sure things are split fairly, and understanding these rules can help you feel more in control.

How Property is Split
Illinois uses a system called “equitable distribution.” This means that property and debts from the marriage are divided fairly, but not always 50-50. The court looks at things like how much each person earns, what they contributed to the marriage, and what they’ll need in the future. For example, if one person stayed home to take care of the kids, they might get a bigger share of the property.

What Counts as Marital Property?
Not everything you own will be divided. Marital property includes things you got during the marriage, like a house you bought together or a car you both used. Non-marital property is stuff you owned before the marriage, like an inheritance or a gift given just to you. In Bloomington, IL, courts focus on splitting marital property while leaving non-marital property alone.

What Happens to Debts?
Debts are treated like property. If you took on debt during the marriage, like a credit card or a loan, it’s usually split between both people. But if the debt was from before the marriage, it stays with the person who owes it. Make sure you have proof, like bills or statements, to show which debts are marital and which are not.

Why You Might Need Help
Dividing property and debts can get complicated, especially when emotions are involved. An attorney for family law in Bloomington, IL, can help you understand your rights and make sure things are divided fairly. They can also help you figure out how much your property is worth and work out agreements with your ex.

Conclusion
Divorce is never easy, but knowing how property and debts are divided can make it a little less stressful. If you’re going through a divorce in Bloomington, IL, don’t face it alone. Murphy & Dunn is here to help. Their team knows family law inside and out and will work hard to protect your rights. Let them guide you through this tough time so you can focus on moving forward.