How Is Marital Property Divided in Illinois?
Did you know that different states divide marital property differently during divorce cases? Some states, Arizona, Louisiana, Idaho and California, for example, divide all marital assets in half during divorce cases, with half of a couple’s assets going to each divorcing party. In Illinois, and in the majority of other states in America, marital property is still split up during a divorce, but it is handled a bit differently. Instead of a 50/50 split, the property is said to be divided fairly and equitably. This means one spouse could potentially receive more than the other, depending on the unique circumstances of each divorce case. How is property divided fairly and equitably in Illinois?
Factors to Consider
In Illinois, if a divorcing couple is unable to come to a property division agreement themselves, the couple’s property will be divided by a judge. From there, it is up to the judge to decide how the property should be divided. It is worth noting that couples who do not want to leave their asset division in the hands of a judge do have some options. Reaching an agreement on their own, or seeking mediation or a collaborative divorce are all great ways to keep property division between both divorcing parties. If however, a couple’s case does reach a judge, the judge will then divide their property fairly and equitably based on a number of factors. Common factors include;
Each spouse’s contributions to the overall marital assets – purchases, increases, and decreases all can be considered
- The value of any property the couple acquired
- The length of marriage
- Both spouses current economic standing
- Any obligations from past marriages
- The health, age, job, income, skills, employability, and needs of both spouses
- Future child support if children are involved
- Opportunities for both spouses for future income
- Any tax consequences of property division
Our Attorneys Are Here to Help
In Illinois, the property division system is fairly simple. That said, it is always best to work with an experienced and knowledgeable divorce attorney to ensure your rights are being protected. A skilled attorney can also answer any questions you may have on how your property will likely be divided, and can provide information on other options like mediation or collaborative divorce if requested.
Also, it is not uncommon for divorces to become nasty. Spouses can hide assets to keep them from being divided during a divorce, leaving one party with an unfair settlement. If you believe this is the case, an attorney can work with you to ensure every asset is found and disclosed to a judge.
If you believe divorce is in your future, it is time to consult with a qualified Naperville divorce attorney. Call the team at Abear Law Offices today at 630-904-3033 or visit us online to learn more about the services we provide. We understand that divorce is a complicated, challenging process, and we will work tirelessly to ensure a fair outcome for you and your family.