Divorce lawyers often focus a lot of attention on how divorce affects parental responsibilities. Parenting plans are one of the most important and contentious parts of divorce. However, splitting up assets is a close second.
Equitable Distribution
States handle divorces differently. Some states divide the assets 50/50 no matter what. This means that it does not matter what the cause for divorce was, the assets are equally divided.
Illinois is an “equitable distribution” state, meaning the Court decides who deserves what based on circumstances. The statue directs the Courts to determine the split of marital assets based on what they decide is fair and equitable. Because not everything is automatically split in half, many divorcing couples find asset division becomes a large fight.
When deciding how to divide the marital property, the Court will consider many different factors, including:
- How much each spouse contributed to the marital property
- Each person’s work history
- The length of the marriage
- The age and income of each spouse
- If there was a prenuptial agreement
- Parenting plans
- Economic situations of each spouse
How this Affects Your Case
Every case is different in Illinois. The Courts have guidelines to follow, but every divorcing couple will have a different story which will lead to a unique outcome. The Courts will consider finances, health, financial earnings, and more.
The easiest way to get through this process unscathed is to come to an agreement with your spouse before going to Court. If this is possible, it will shorten the time you spend in the divorce process. You need a lawyer in your corner who understands that asset division is an important factor for the rest of your life.
To help ensure you receive your fair-share of the marital assets, contact me.
