Illinois law requires that property division in a divorce is done equitably, which means fairly and impartially. It means you might not end up with equal portions of the marital estate after a divorce. Here is what you should expect when dividing property and debt in an Illinois divorce.
Several factors weigh in during property division
If there is no legally binding property division agreement like a prenup, an Illinois divorce court will divide marital assets and debts in what the court considers the fairest manner. Some of the factors that will influence the property division process include:
- The length of the marriage
- The financial situation of each spouse
- Any existing domestic obligations from a previous marriage
- The custody of the children
- The health, age, education, or employability of each spouse
- If either spouse dissipated or wasted marital assets in the lead-up to the divorce, among others
A family court judge will determine each spouse’s share of the marital estate after taking into consideration all these factors.
Protecting your interests during property division
You should ensure you get what you deserve when all is said and done. While you may not get equal portions with your ex, you do not want to end up shortchanged or shouldering most of the marital debt.
Learning more about what happens during property division in an Illinois divorce is highly advisable. When you understand how assets and debts are classified and divided, you will be better placed to safeguard your interests during the entire property division process.