The Village of North Barrington, Illinois, is a charming area located around 35 miles northwest of Chicago. North Barrington is home to many beautiful properties. Recently, a couple who owns one of the many stunning properties in North Barrington decided to file for divorce. The wife realized that her husband had taken out several large and risky business loans without her knowledge. She knows it is time to pull the plug on her marriage but does not want to lose her beautiful home, especially knowing that her children grew up there and how her grandchildren love visiting.
How Do Judges Divide Property in Illinois?
When we meet with clients planning on filing for divorce, they often have questions about how the court will divide their property. In some cases, the spouses can negotiate and agree to a settlement agreement themselves. In many divorce cases, the couple cannot agree on how to divide their marital property during a divorce. In those cases, a judge will decide how to divide the couple’s marital property according to Illinois law.
Factors Illinois Judges Use to Divide Marital Property
Illinois is an “equitable division” state, and it is not a community property state. As a result, judges will not divide marital property 50/50 between the spouses in most cases. Instead, a judge will examine multiple factors to determine the most equitable or fair way to divide the marital property. The court’s property division process is guided by a dozen factors outlined in Illinois property law, including the following:
- Each party’s contribution to the marital and non-marital property: when one spouse racked up significant debt, it is typically fair for the judge to ensure that he or she walks away from the marriage with a lot of debt. Conversely, if one spouse brought in more income, that spouse will likely leave the marriage with more marital property. However, there is a homemaker contribution. Spouses who decide not to work and raise children can be considered on equal footing as the spouse who made the most financial contributions.
- Whether one party wasted or hid assets
- The value of the marital property
- The duration of the marriage
- The relevant economic circumstances, timing, and home for the children
- Whether one or both spouses receives or pays child support or maintenance
- Child custody and the costs of rearing children
- Any prenuptial or post-nuptial agreements
- Spousal maintenance: judges have a significant amount of discretion when it comes to awarding spousal maintenance instead of, or in addition to, property division, in certain situations
- Future income
- The tax consequences of property distribution in a contested divorce
Discuss Your Case With an Illinois Divorce Lawyer
If you need representation for a divorce or child support matter in Cook County, Glasgow & Olsson is here to help. When you need an attorney, experience matters. Contact us today to learn how our experience can get you the results you deserve.