Divorce officially and permanently ends a marriage. However, divorcing spouses may still be involved in each other 's lives, and there may be times when they need to return to court to modify part of their divorce decree. For example, parents who experience life changes such as remarriage, relocation, or a new job may need to modify the allocation of parental responsibilities or parenting time. Similarly, a significant change in financial circumstances may warrant modifying the child support or spousal support order.
Under the right circumstances, these types of issues may be modified after the divorce is finalized. However, modifying the distribution of marital property after the divorce is finalized is a much different issue. In this blog, we will discuss the limited circumstances in which property division may be modified after a divorce.
Changing Property Division After a Divorce
Divorcing spouses must undo the financial entanglement that occurs during marriage. Property accumulated during the marriage is typically considered marital property to which both spouses have an ownership stake. Marital property may include real estate, furniture, jewelry and other valuables, retirement funds, investment income, and more. Spouses may be able to negotiate a property division settlement, or the court may determine an equitable distribution of property based on Illinois law.
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