How is Property Divided in an Illinois Divorce?

Divorce is often an endeavor that married couples strive to avoid. However, unfortunately, coupes do decide to divorce for a variety of reasons. The purpose of a divorce case is to untangle a couple’s various assets, including marital property, and to divide it between the two parties fairly. A divorce also aims to establish a couple’s remaining obligations such as alimony, child support, and parenting time.

In the state of Illinois, a division of assets is slightly more complicated than in other states. This is because Illinois is a no-fault divorce state, and the concept of equitable division determines marital assets. This concept can be challenging to understand, which is why you should consider employing the services of an experienced Illinois divorce lawyer. The law practice of Law Office of Demetrios N Dalmares and Associates Ltd. can help you understand this concept more easily. 

Why Does Illinois Divide Assets Unequally?

The reality of a no-fault state that uses the concept of equitable marital property division is that marital assets hardly ever get split 50/50. This is because Illinois is not a community property state. Additionally, Illinois courts do not take who is the cause of the divorce into consideration when deciding the marital property division. This practice might seem unfair, but Illinois courts strive to divide assets fairly as the court will examine certain factors surrounding the dissolution of the divorce. 

Although the courts will not award a greater division to a victimized spouse, they do take into consideration financial misconduct when determining judgment. If a spouse has wasted marital money on others besides the family, they will be required to reimburse the funds used. 

What Factors Influence How Property Is Divided In Illinois?

To establish what constitutes an equitable distribution of marital property, an Illinois court will need to assess several different factors. As we now know, equitable distribution does not always equate to equal distribution of assets. Depending on the following factors, a court will determine the split ratio between the two spouses. 

• The duration of the marriage.
• What the tax consequences will be after the property is divided.
• The custodial provisions for any children the couple share.
• The future earning capabilities of both parties.
• If there is an existing prenuptial agreement in place.
• The overall value of the property.
• The health, age, needs, and occupation of each party.
• What the economic circumstances are for each party. 

How Will Marital Property Be Divided?

Before the marital property can be divided, it will need to be determined if the property is owned separately. Marital property is inclusive of most assets that have been acquired during the couple’s marriage. In many instances, the property will need to have been acquired during the marriage for it to be considered for division.  

Once it has been fully determined what property is marital property, either the court or divorcing couple will need to assign specific monetary values to each item. By assessing and determining an item’s value, a couple or judge can decide if a particular property distribution agreement is equitable and fair to both parties. In many cases, a spouse with more earning power will be required to take on more debts, while the lower-earning spouse will likely gain a greater share of the couple’s assets. 

To Discover More About How Property Is Divided During a Divorce in Illinois, Contact an Illinois Divorce Attorney Today

In the state of Illinois, determining the equitable distribution of marital property can be challenging. Divorces are often incredibly taxing experiences and can easily become exhaustive. Utilizing a qualified Illinois divorce lawyer to assist you with the proceedings can help you settle the divorce outside of court, or a lawyer can help you achieve a fair outcome at trial. Get in contact with the law practice of Law Office of Demetrios N Dalmares and Associates Ltd. to learn more about how property division is determined and decided in Illinois.