The state of Illinois is an equitable distribution state when it comes to division of property during a divorce. A common assumption is that this means things are split equally or 50-50. However, this is not the case. Equitable distribution means that assets are divided fairly, not split down the middle. So how does the court fairly divide assets?
In Illinois, there is not a defined equation for how to fairly award assets and liabilities during divorce. The court will look at various circumstances and how they relate to your specific case. A few factors that may come into play are:
- Needs of the children
- Length of the marriage
- Prenuptial and postnuptial agreements
- Non Monetary contributions to the marriage
- Tax consequences
- Previous marriages
Another question that we frequently are asked relates to what assets qualify for division of property. All property that was obtained by either or both spouses during the course of marriage is eligible to be divided. Things such as the marital home, bank accounts, stock options, vehicles, dividends, etc fall under this category.
Division of marital property can be very complicated and challenging, even if both spouses are cooperating. Not only do you need to account for many different items, you need to do so with an eye toward the future. This is why it is best to have an experienced attorney by your side throughout the process. They will help you understand your rights and protect you from any surprises.
Our Chicago divorce attorneys are here to help guide you through every step in the divorce process. We understand that every case is unique and we will work with you to craft the perfect strategy to meet your needs. Get started today by scheduling your consultation.