Division
Of Property
Illinois is an “equitable division” state, which means that the marital property is divided according to what is fair, rather than equally.
Get A Free ConsultationDivision Of Property
Illinois is an “equitable division” state, which means that the marital property is divided according to what is fair, rather than equally.
Get A Free ConsultationIllinois is an “equitable division” state, which means that the marital property is divided according to what is fair, rather than equally. Marital property is all property, including debt and obligations, which either spouse acquired during the marriage. The court will also award each party his or her non-marital property, which is defined as all property, obtained before the marriage, or by gift or inheritance. This applies only if the parties did not have a prenuptial agreement, which would then control the division.
Of course, the parties may choose to settle their property issues out of court. Such an agreement would still be subject to an approval by a family law judge, who will review it for obvious unfairness and one-sidedness.
If such agreement is not reached, then the Court, in deciding what split would be equitable, will consider various factors including:
- Earning power, present and future, of both spouses: A homemaker, especially if they gave up career opportunities, may receive a larger portion of the marital property;
- Length of marriage: In shorter marriages, the court is more likely to divide everything 50/50, regardless of other factors;
- Children: Children’s welfare is of the utmost concert to the court; the spouse designated a custodial parent is likely to keep the marital residence because of the judicial preference for keeping the children in the marital home and the same school district; the court’s ultimate goal is to keep the children, as much as possible, in the same position they would have been, if the marriage had not been dissolved;
- Other issues: the court will consider any issues it may deem relevant to the end goal – equitable property distribution.
Complex Financial Issues
Division of property is further complicated when high-value assets, business interests, offshore accounts, cryptocurrency, and retirement accounts are involved. Such issues require highly specialized knowledge and tools. Business valuation, forensic accounting, and other investigative methods may be required to discover and evaluate each asset.
At Mackavich Family Law, we have knowledge, tools, and stamina to assist you in ensuring that you get an equitable share of such assets.
You can call us at 773-213-8967 or fill out our on-line form for a free consultation.
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