What is Section 503 of the Illinois Marriage and Dissolution of Marriage Act
Section 503 of the Illinois Marriage and Dissolution of Marriage Act governs our law on the disposition of property and debts in divorce. If one were to Google this Section, it can be found at 750 ILCS 5/503. It is rather complex, so we have broken it down to what we have found to be the areas that most people inquire about:
No. You do not have to move out. Unless and until your spouse gets a court order granting him or her exclusive possession of the home, you have the same marital right to live in the house as they do. This is true even when the title to the house is in your spouse’s name only.
No. This is the mother of all myths. You do not lose any of your rightful percentage of the equity in the home if you choose to reside elsewhere.
From a legal standpoint, it makes no difference whether the divorce is entered before or after the sale of the home.
Yes. This is a common occurrence, but it can cause unnecessary complications if protection measures are not put in place prior to the purchase. The attorneys know what procedures and wording are necessary to prevent either party from getting hurt, and this typically involves the buyer taking an agreed advance from his or her share of the marital estate.
Technically, the answer is yes, but be forewarned that the court usually frowns upon this type of behavior. However, and until a court enters an order prohibiting it, both you and your spouse are legally entitled to change the locks and thereby lock the other party out. Some people continue to do it to each other until they get tired of paying the locksmith bills.
Yes, but only if you and your spouse have made monthly or regular payments toward repayment of the loan. If you haven’t, the money your parents gave you will be deemed to be a gift and your spouse will not have to repay his or her share.
You will no longer have a valid will. Illinois probate law automatically voids all wills as of the date of divorce.
It depends on which fiancé broke off the wedding plans. The engagement ring belongs to the one that did NOT cause the cancellation of the wedding.
These are also some of the most commonly asked property questions but require more than a ‘yes’ or ‘no’ answer.
- What Is Marital vs. Non-Marital Property?
- Is Everything Split 50-50?
- How are Retirement Benefits Divided? – Dividing Pensions, 401k’s, 403b’s and IRA’s
- Who Gets the House in the Divorce?
- What is a Quit Claim Deed?
- Can Spouse Get My House or Any of My Accounts if they are in My Name?
- How Can I Protect My Inheritance?
- How are Pets Dealt within the Divorce?
