With more than 13 million divorces in the United States each year, the issue of how to divide marital assets is one of the most consequential and contentious during a divorce. While divorce laws vary by state, generally, the courts try to split assets between divorcing couples in a way that is fair and just. While some states just draw a line down the middle, splitting everything up 50-50, that is not the way the law works in IL.
Divorce courts in Illinois utilize the principle of Equitable Distribution (ED) when dividing assets among divorcing spouses. In ED states, divorce courts are mandated to divide marital property fairly rather than following the 50/50 rule in the division of property that other states do.
Factors Considered When Dividing Marital Assets in Illinois
When dividing marital assets in an ED state, a court first must determine what property is marital. This includes “marital property” and “property acquired during the marriage,” both of which are defined by statute in most states.
Both types of property are considered by courts when deciding what is equitable, as well as what factors should be considered in determining an equitable distribution scheme. Some of these factors include the following:
- How the property was acquired – For example, did one spouse bring a higher percentage of the money or assets into the marriage, or did both spouses contribute equally to building the marital estate?
- How the property is used – For example, does the property have sentimental value (such as a home where children were raised)? Or is it simply a means to gain wealth (such as a stock portfolio)?
- The relative financial positions of the spouses – For example, was one spouse financially dependent upon the other during the marriage? Or were both spouses financially self-sufficient?
- The duration of the marriage – Did the marriage last just a few years or 10 or 20?
- The age and health of the spouses – For example, did both spouses have a long life ahead of them when the marriage ended?
- The needs of the spouses – Does one spouse have greater post-divorce financial needs such as child care or education expenses, or a need for immediate income to meet basic living expenses?
- The non-marital property of the spouses – Did one spouse bring significant assets into the marriage, such as a home and retirement fund that had not been co-mingled?
All of these factors are considered and more. For a more in-depth understanding of how the law in Illinois will impact asset division in your divorce, reach out to an experienced family law attorney today.
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