Forcing The Sale Of A Home, Business Or Asset In An Illinois Divorce

An Illinois divorce divides a couple’s property. Property is either deemed “marital” or “non-marital” by an Illinois court in order to determine whether a court can distribute that property between the parties. In an Illinois divorce, non-marital property automatically goes to the spouse who owns that property. “[T]he court shall assign each spouse’s non-marital property to that spouse.” 750 ILCS 5/503(d) Marital property, however, gets distributed by an Illinois divorce court. An Illinois divorce court “shall divide the marital property without regard to marital misconduct in just proportions” 750 ILCS 5/503(d) Some parties to a divorce do not want any property, they just want the money. There is no faster way to resolve the distribution of marital property than selling the property. A temporary motion to sell an asset can begin the process of liquidating the marital estate. During an Illinois divorce, an Illinois divorce court is allowed or order “appropriate temporary relief including, in the discretion of the court, ordering the purchase or sale of assets and requiring that a party or parties borrow funds in the appropriate circumstances.” 750 ILCS 5/501(a)(3) Illinois divorce courts are reluctant to begin selling a couple’s assets before a final distribution of those assets. “[S]ection 501 authorizes the sale of an asset prior to final dissolution, but that is appropriate only in extraordinary circumstances, where such a sale is required to otherwise maintain the status quo prior to final dissolution.” In re Marriage of Gabrys, 2023 IL App (1st) 221763 In the final adjudication of an Illinois divorce, an Illinois divorce court can be convinced that selling marital property is the fairest way to determine that property’s value. “[O]rdering the properties sold and the proceeds split [is] the only realistic way to divide the parties’ assets in an equitable manner.” In re Marriage of Hamilton, 128 NE 3d 1237 – Ill: Appellate Court, 5th Dist. 2019 A sale of marital property also makes distributing the proceeds easier and probably fairer. Otherwise, a divorce court may estimate that a wife is entitled to the house, while the husband is entitled to the retirement accounts…when the two assets have totally different values. While an unequal division of marital assets is allowed, an inequitable division of assets is not permitted under Illinois law. “The [Illinois Marriage and Dissolution of Marriage] Act does not require an equal division of marital property, but an equitable division” In re […]

from Russell D. Knight | Family Lawyer Chicago https://rdklegal.com/forcing-the-sale-of-a-home-business-or-asset-in-an-illinois-divorce/