The Law Offices of Peter M. LaSorsa, P.C. represent clients located in Peoria, Tazewell, Fulton and Woodford Counties requiring assistance and advice in family law matters relating to the distribution of marital assets.

Division of Property:

There are three main approaches the Courts utililze to divide property upon the dissolution of marriage.

1. Community Property—All property acquired during the marriage is deemed owned one-half by each spouse, and all property owned prior to the marriage or acquired by gift or bequest is deemed separate property.

2. Equitable Division of All Property—All property owned by either spouse, no matter how acquired (either before the marriage or during the marriage) is divided equitably. This does not necessarily mean a 50/50 split.

3. Equitable Division of Marital Property—The spouses each take their separate property and the Court divides the property acquired during the marriage on an equitable basis. This is the most common approach the Court's use.

Types of Property:

1. Separate Property—Generally, each spouse may take his/her property that he/she took into the marriage, any appreciation earned, plus any additional separate property acquired through gift, bequest, devise or descent.

2. Marital Property—Property obtained during the marriage. The Court has the authority to order an equitable distribution of this type of property.

Factors Considered in Dividing Property:

The Court does not take into account the fault of either party when dividing property.

1. Age, education, background, and earning capacities of both parties;

2. Duration of the marriage, and if there were any prior marriages;

3. Standard of living during the marriage;

4. Present income of both parties, and their vocational skills and employability;

5. Source of money used to purchase the property;

6. Health of the parties;

7. Assets, debts, and liabilities of the parties;

8. Needs of each of the parties;

9. Provisions for the custody of minor children;

10. Whether the distribution is in lieu of or in addition to alimony;

11. Each party's opportunity to acquire future income and assets;

12. Each party's contribution to the acquisition of, or enchancement of the value of, the existing marital assets;

13. Each party's contribution as a homemaker to the family unit; and

14. Whether either party has dissipated marital property (i.e. diminished the value of marital assets by wrongful conduct).

Pensions

Pensions are considered marital property subject to an equitable distribution. The poriton of the pension earned during the marriage can be divided by the Court in an equitable fashion.

Stock Options

Stock options earned during the marriage are marital property even if they have not been exercised or will not be exercised until after the divorce.

Damage Awards in Lawsuits

If a personal injury accrues between the date of marriage and the final separation, the proceeds from the settlement or award are marital assets subject to an equitable distribution no matter when they are paid.

Mixed Property

1. Commingled Property—When one spouse takes separate property and mingles it with marital property a commingling may occur and the property may become marital.

2. Transmutation of Separate Property—If separate property is treated in such a way as to show evidence that a party intended for the property to be marital property (e.g. placing separate property in the names of both spouses), it becomes marital property. This doctrine is based on a rebuttable presumption that when property is dealth with in this manner, the owner of the separate property intended to create a gift to the marital estate.

3. Improvement to Separate Property—If separate property is improved by the use of marital funds or the effort of the nonowning spouse, courts generally hold that the property remains separate property but the Court may grant the marital estate or the nonowning spouse reimbursement for the value added to the separate property.

4. Property Acquired Before Marriage but Paid for After Marriage—Most Courts apportion the property between separate and marital interests in proportion to the contribution of separate and marital funds used to pay for the property.

Contact Peter LaSorsa Online or Call Peter at 309-712-1145 for a Free consultation to discuss matters concerning your divorce, separation or your rights concerning the distribution of property.