Division of Assets: Is Illinois a 50/50 Divorce State?

 Posted on May 17,2023 in Division of Property

When it comes to divorce, one of the most significant issues that must be addressed is the division of assets. In some states, this division is based on a principle known as community property, which means that all assets acquired during the marriage are considered joint property and must be divided equally between the parties. However, in other states, like Illinois, the division of assets is based on a principle known as equitable distribution, which means that the assets are divided in a fair and just manner, but not necessarily equally. Contact a divorce attorney to ensure your rights are protected through the property division process and all other issues as well.

What to Know About Illinois and the Division of Assets

Under Illinois law, the court is required to consider a number of factors when dividing marital property, including the length of the marriage, the income and earning potential of each spouse, and any contribution that either party made to the acquisition, preservation, or increase in value of the marital estate, among other factors. While the court is not required to divide property equally, it is required to divide it in a fair and just manner based on these factors.

One of the key advantages of the equitable distribution system is that it allows the court to consider each case's unique circumstances. For example, suppose one spouse contributed significantly more to the acquisition of marital property than the other. In that case, the court may award a more significant share of the property to that spouse to ensure the division is fair. Similarly, if one spouse has significantly greater earning potential than the other, the court may award a greater share of the property to the spouse with a lower earning potential to help ensure financial stability after the divorce. Ultimately, the court's goal is to ensure that both parties are able to move forward after the divorce with a fair share of the marital property and the resources they need to build a new life.

Contact a Rolling Meadows Divorce Attorney

If you are going through a divorce in Illinois, it is essential you work with a highly experienced divorce attorney who can help you understand your rights and obligations under the law and ensure that your interests are steadfastly advocated for throughout the process. Contact the esteemed Arlington Heights divorce lawyer with Law Offices of Donald J. Cosley for more information. Call 847-253-3100 for a free consultation.

Source - https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm