Property Division for Stay-at-Home Parents
Who gets the marital home? Are stay-at-home parents eligible for spousal maintenance? These questions might keep you up at night before filing for a divorce in Illinois.
How Is Property Divided During a Divorce in Illinois?
The Illinois Marriage and Dissolution of Marriage Act divides marital assets equitably. It means that their rules on property division focus on a fair distribution of marital properties and assets instead of equal divisions.
Assets usually belong to both partners unless stated otherwise. Therefore, as a stay-at-home parent, you have the right to receive a significant share of the properties (i.e., money, investments, real estate property) acquired by your partner after marriage.
However, there are exceptions to this rule.
For instance, a prenuptial or postnuptial agreement may exclude some assets from the divorce settlement. Likewise, a property inherited by one spouse or purchased from non-marital assets may not be distributed.
Spouses that use marital assets for business investments will have to share the revenue with the stay-at-home parent as compensation when a marriage ends.
Overall, it's a complex process that requires couples to carefully assess assets, financial records, and marital properties to determine how everything will be distributed in the settlement.
What Can Stay-at-Home Parents Expect During a Divorce?
Illinois courts recognize how hard stay-at-home parents work to care for their family members. It acknowledges that your caregiving duties may have inhibited career growth and put you at a financial disadvantage compared to your spouse.
The court will consider your financial status and earning prospects as an equitable division state while dividing valuable marital assets. They also examine the length of the marriage, property value, each partner’s contribution to the marital property, parental responsibilities, maintenance costs, etc.
After identifying the marital properties, it may award you a reasonable share of assets to ensure you do not experience any financial problems after divorce. According to Forbes, you may also be entitled to receive spousal maintenance.
That said, the outcome of a divorce settlement varies from one person to another. The court makes decisions based on individual circumstances. Sharing a business or owning several properties can make the case more complicated. The lack of a prenuptial or postnuptial agreement may also impact the final decision.
Working with a skilled divorce attorney can make things more manageable during negotiation.
Contact St. Charles Property Division Attorneys
Divorce settlements can prove taxing for stay-at-home parents. Knowing your marital property rights can help you make the right negotiation choices.
If you need assistance, our experienced attorneys can help. We have decades of experience in this field and provide tailored support by prioritizing your needs during legal procedures. Contact us at 630-584-5550 to talk to St. Charles property division lawyers from Shaw Sanders, P.C. for legal consultation.