Question By: When a couple decides to divorce, one of the most significant issues they must address is how to divide their property. Illinois, like many other states in the US, is an equitable distribution state, which means that property division during a divorce must be done in a fair and just manner. In this blog post, we'll explore how Illinois deals with property division in a divorce.
What is equitable distribution?
Divorce judges in Illinois have a lot of latitude on equitable property division. How property is divided is decided on a case–by–case basis. The court will examine various factors in each case including the contributions each party made to acquiring assets, a party’s contribution to the family as a homemaker, the length of the marriage, the economic circumstances of each spouse, the ages and health of the parties, parenting obligations going forward, the ability to acquire assets post-divorce, and more.
How does Illinois divide property during a divorce?
When a couple in Illinois decides to divorce, the court will divide their property based on several factors, including:
- Each spouse's contribution to the marriage: This includes both financial contributions, such as income and assets, and non-financial contributions, such as caring for children and maintaining the household.
- Each spouse's current and future earning capacity: The court will consider each spouse's ability to earn income in the future when determining property division.
- The length of the marriage: The longer the marriage, the more likely it is that property will be divided equally.
- Each spouse's age, health, and occupation: The court will take into account each spouse's health, age, and occupation when determining property division.
- The value of each spouse's separate property: Separate property includes assets that were owned by each spouse before the marriage or were acquired through inheritance or gifts.
It's important to note that property division in Illinois does not necessarily mean an equal split of assets. Instead, the court will aim to divide property in a way that is fair and just based on the factors outlined above.
What types of property are subject to division in Illinois?
In Illinois, property division includes both marital and separate property. Marital property includes any assets that were acquired during the marriage, such as income, assets, and debts. Separate property includes assets that were owned by each spouse before the marriage or were acquired through inheritance or gifts.
It's worth noting that even if an asset is considered separate property, it may still be subject to division if it was commingled with marital property. For example, if one spouse owned a home before the marriage but used marital funds to pay the mortgage, the home may be subject to division.
What happens if the couple can't agree on property division?
If a couple in Illinois can't agree on property division, the court will make a decision based on the factors outlined above. However, it's important to note that the court will encourage couples to work together to reach an agreement on property division whenever possible. This is because a couple is usually in the best position to understand their own unique financial situation and come up with a solution that works for both parties.
If you have savings, real estate, investments, retirement plans, and other assets, then you will probably need to deal with property division during your divorce.
Attorney Michael C. Craven is a skilled Chicago property division attorney who can help you. He represents clients with property division cases
For more details, visit https://www.divorcelawyerschicago.org/how-illinois-deals-with-property-division-as-an-equitable-distribution-state/
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