Something that can certainly make a divorce more complicated in Illinois is the ownership of specific kinds of assets. The ownership of real estate, business interests and other assets present peculiar challenges to the court in regards to how split up those assets between spouses during divorce proceedings.
Equitable Division in Illinois
Illinois is one of the many states that use the principal of equitable division during divorce proceedings. This refers to the fact that the court will make an attempt to split up all assets in a fair manner. What is considered fair may not be completely equal in a numerical or monetary sense between both spouses.
Equitable Division of Business Interests
In regards to business interests in divorce, certain considerations come into play in regards to how business assets will be split up. This can include:
- The income and financial state of each spouse
- The length of the marriage
- The level of involvement of each spouse in the business
- The level of involvement of each spouse in homemaking
- The amount of property each spouse owns
- How the division will affect the tax status of each spouse
- How the division will affect child custody
Equitable Division of a Home
In some instances, a home will be one of the assets that must undergo divorce asset division. During this process, the sale of the home may be deferred. This can be done if the sale causes a significant disruption for children and other family members living in that home. Doing so can have benefits such as:
- Allowing time for the mortgage to be refinanced
- Allowing the other spouse time to make preparations or career changes to move
- Not uprooting children from their school
- Not forcing a sale during a housing bear market
- Not forcing a sale before one spouse can buy out the other spouse’s interest in the home
Overall, business interests, as well as ownership of real estate, can be tricky to figure out during divorce proceedings. Consider all possible outcomes, including ones that would be preferable for you, your spouse and your children.
