In a divorce case the parties' property has to be divided. Most people's reaction upon hearing someone is going through a divorce is to figure that everything will be split down the middle. While that may be true in community property states in the western half of the United States, in Kentucky and Illinois this is not necessarily the case. Kentucky's property division statute and Illinois' statute say that the court is to divide the marital property in "just proportions." This usually means that for every dollar of property one party takes, he must also take a dollar of debt to offset it. The idea is to get to the point where the total value of the property received is equal to the total debt the party assumes so that each party's share of the marital estate is a net zero. If there is an imbalance, one party will have to pay the other enough to equalize the property division.
In preparing for a property settlement or a final hearing on property division, it is important that you go over your property in detail with your family law attorney. If your attorney does not know a piece of property exists, the attorney cannot help assure that you receive it in the final divorce decree. If you have other questions, please contact us at the Alford Law Office.
Labels: debt, divorce, divorce decree, divorce lawyer, family law, illinois, IRA, kentucky, paducah, property division