When couples in Illinois divorce, state laws determine how property division will work. Each state has its own unique set of laws that decide what property is considered to be owned jointly, and how it should be divided amongst the parties.
As said by FindLaw, that there are ten states that have community property laws. In these states, all property gained after marriage is considered to be joint property. Due to this, property is usually split right down the middle. However, Illinois does not recognize community property laws. Instead of dividing things “evenly”, the courts aim to divide property “equitably”. They strive to maintain fairness, even if the division is not a 50-50 split.
In order to ensure equitable distribution, the courts can look at a number of things. This includes the value of any property assigned to either you or your ex-spouse, any custodial provisions, how long you and your ex-spouse were married, and any obligations related to prior marriages that either of you may have.
Personal factors will also be examined. This may include your age, occupation, health, vocational skills, sources of income, liabilities, and personal needs. This information is necessary because it helps courts determine who might need more financial help and who will be less capable of replacing lost items.
Going through divorce and property division can be stressful regardless of the laws that govern how it happens. If you are in the middle of a divorce or want to know more about property division, consider getting in contact with an attorney experienced in the area.