In a marriage, you acquire property and other assets (real estate, money, investments) as a couple. You may also have assets from before your marriage. When a marriage is dissolved, these things must be divided up. Generally, anything acquired during the marriage is considered "marital property," while pre-marriage items are not considered marital property.
Like other aspects of divorce, asset division can be decided and agreed upon between the ex-spouses with the aid of their lawyers or through voluntary mediation. A court can also decide property and asset division for you following a trial.
Illinois is an equitable division state. This does not mean property and assets are divided 50/50 between the parties. Instead, it is a reasonable and just division in the eyes of the court that is not always equal. To determine this equitable division, the court may factor in:
- How many years you were married
- Lifestyle during the marriage
- The age of you and your former spouse
- Physical health
- Real estate and other assets brought into the marriage
Like all aspects of divorce, property division can be stressful. As the calm, cool-headed advocates on your side, our experienced attorneys will help you pursue the best path forward with your ex-spouse. Rely on us to look out for your interests while assets are being divvied up. Feel free to call us at (847) 599-9101 to set up your free initial consultation.