How is Property Divided in an Illinois Divorce? | Asset Division in Divorce

How is Property Divided in an Illinois Divorce? | Asset Division in Divorce

480185028
Updated on:
August 2, 2018

There are several issues courts consider when dividing marital property in the event of dissolution of a marriage.  

What Types of Property Can Be Divided in a Divorce?

The first issue is to determine the types of property that will be divided.  Property subject to division by the court includes, but is not limited to, homes, automobiles, furniture, bank accounts, retirement accounts, pensions, stocks, and business interests.

What Types of Property Can Be Divided in a Divorce?

What is Considered Marital Property in Illinois?

The second important issue the court will deal with when dividing the martial estate is whether property is considered marital or non-marital.  Marital property means all property acquired by either spouse subsequent to the marriage.  The following is considered non-marital property:

  • Property acquired by gift, legacy, or descent
  • Property acquired in exchange for property acquired by gift, legacy, or descent; 
  • Property acquired after judgment of legal separation
  • Property excluded by valid written agreement of the parties
  • Any judgment or property obtained by judgment awarded to one spouse from the other spouse
  • Property acquired before the marriage
  • Any increase in value of the above-listed property
  • Any income from the above-listed non-marital property, as long as the income is not attributable to the personal effort of a spouse.

How Do Illinois Courts Divide Property in a Divorce?

Most people are familiar with community property states, such as California, that divide the marital estate equally. Illinois is an equitable property state and, therefore, Illinois courts order a fair division of the property based on the following factors:

  • Contribution of each spouse to acquisition of property, including contribution of spouse as a homemaker
  • Value of the property
  • Duration of the marriage
  • Economic circumstances for each spouse
  • Custodial provisions for children
  • Age, health, occupation, and needs of each party
  • Any obligations or rights arising from prior marriage
  • Pre-nuptial agreement
  • Whether distribution of property is in lieu of or in addition to maintenance
  • Opportunity of each spouse for future income
  • Tax consequences of property division on each spouse
  • Any dissipation

Although an equitable division of the marital estate is considered on a case-by-case basis, the court is prohibited from considering marital misconduct when dividing the marital estate.  Property will be divided fairly without the court acknowledging the transgressions of either spouse.

Presented By O'Flaherty Law

O'Flaherty Law is happy to meet with you by phone or at our offices in Downers Grove, Elmhurst, Naperville, St. Charles, Lake in the Hills and Tinley Park, Illinois.

What to Expect From a Consultation

The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. Although we often discuss expected results and costs, our attorneys do not give legal advice unless and until you choose to retain us. Although most consultations are complimentary, some may carry a charge depending on the type of matter and meeting location.

Leave a Comment With Your Questions

Read more about

Divorce & Legal Separation

In this Learn About Law video we talk about how #assets are divided between parties in an  #illinoisdivorce and what factors are considered when dividing assets

How is Property Divided in an Illinois Divorce? | Asset Division in Divorce
Disclaimer: Our articles and comment responses do not constitute legal advice and are not intended to create an attorney-client relationship.

Please contact us to schedule a free consultation for legal advice specific to your situation.

how is property divided in divorce?how are assets divided in divorce?what is considered a marital asset?how are assets and debts divided in divorce?what assets are part of the marital estate?what is a non-marital asset?

Subscribe to our mailing list

* indicates required

Here are some articles that may interest you

Categories