Individuals who are going through a high-asset divorce in Illinois may be interested in learning about how marital property is divided in the state. In Illinois, the concept of community property is not recognized as it is in some of the other states. This means that property that has been acquired during a marriage will not necessarily be divided equally between the two divorcing spouses.
If there is a dispute over the division of marital property, a judge will make a ruling about property division that is considered equitable. The equitable division of marital property in a divorce settlement is not equal, but it is what a judge considers to be fair based on several different factors.
Some of the factors that a judge may consider while determining how to divide marital property equitably include the value of the property and the contribution of each spouse to the purchase of the property. When spouses are fighting over a house, a judge will often consider children in the marriage and which spouse has physical custody of the children. A judge may also consider the economic circumstances of each spouse, the length of the marriage and any tax consequences that could result from property division.
Certain assets such as a house or a jointly owned business can be difficult to divide between spouses equitably. A spouse who is at risk for losing some of their property in a high-asset divorce may want to have legal representation at mediation and court hearings. Every divorce involves its own unique set of circumstances, so the information in this blog should not be considered as legal guidance.
Source: Findlaw, “Illinois Marital Property Laws“, November 25, 2014