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Do I Have to Divide a Personal Injury Settlement in Divorce?
One of the hardest things to do in any divorce is to split up marital assets. Courts want spouses to to reach an agreement on their own, but sometimes this is not possible because of distrust, hostility, or the complexity of their assets.
People often have questions about what is included in marital asset division. Is the wedding ring? How about the antique car one spouse inherited from his grandfather? Lottery winnings? Personal injury or workers’ comp money? Read more to learn about what the division of marital assets might include. Then, contact our greta team of Illinois divorce attorneys to get advice for your situation.
What Kind of Property is Divided in an Illinois Divorce?
Divorce law is different from state to state, so the law in one state may not be the same as states that are right next door. In some states, for example, personal injury money is not considered marital property. In Illinois, however, it is. This means that if you got a personal injury settlement during your marriage, that money is considered marital property and could be divided in your divorce.
Other types of unusual property that may be divided in a divorce include:
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Disability benefits
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Workers’ compensation benefits
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Gambling winnings
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Digital currency
How Can I Live With a Disability if My Spouse Gets Half of My Personal Injury Settlement?
One important thing to note about Illinois law is that it does not say that marital assets be divided equally. They only need to be divided fairly. One of the factors that courts consider when dividing marital assets (again, assuming the couple cannot come to an agreement on their own) is whether one spouse has a disability that affects that spouse’s ability to make money.
So if a disabled spouse won a personal injury settlement that barely covers that spouse’s medical care and cost of living, the court may say that the most fair option is for that spouse to keep most or all of the settlement money.
On the other hand, if one spouse received millions of dollars in punitive damages in addition to other medically necessary damages, those millions will likely be divided between both spouses. This is also true of disability benefits, workers’ comp benefits, and even VA benefits in certain circumstances. The only way to know for sure what might be divided in your divorce is to meet with an attorney to review your case.
Questions About Asset Division? Contact Our St. Charles, IL Divorce Attorneys Today
Determining what gets divided between spouses in a divorce can be difficult. For help with this process, schedule a free meeting with our team of Kane County, IL divorce lawyers. We have experience helping couples get divorced peacefully, but we are also willing to fight divorce cases when necessary. Contact Shaw Sanders, P.C. at 630-584-5550 today.
630-584-5550