One of the most important steps of settling a divorce is the division of property. This could include assets like the family home, cars, and savings and checking accounts. It may also include debts, like shared mortgages. Here's how the division of property is regulated in Illinois.

What Is Equitable Distribution?

In dividing assets, some states adhere to “community property distribution laws.” In these states, the courts tend to split any marital assets 50/50 between spouses when they get divorced, regardless of the circumstances.

Illinois is an “equitable distribution” state, however. States that uphold equitable distribution laws divide marital assets fairly—but not necessarily equitably. So, instead of 50/50, they might divide the assets 70/30 or 60/40, according to what the courts deem is just.

The courts will consider various factors to determine what is "just," such as the length of the marriage, each spouse's occupation and employability, and any prenuptial agreements.

What's the Difference Between Marital & Separate Property?

When dividing property in a divorce, the first step is to classify between marital and separate property. Marital property generally encompasses assets and debts that a couple acquired while they were married. Examples of marital property might include a mortgage on the family home or joint bank accounts that both spouses deposit money into.

Separate property generally refers to what each spouse owned before the marriage. This could include property excluded from the joint marital estate via a prenuptial agreement, property acquired by a spouse before the marriage, and property acquired as part of an inheritance.

What Factors Determine the Division of Assets?

The Illinois courts will consider various factors when dividing up property. This includes the length of the marriage, the earning power of each spouse, and the presence of children. For example, in a long marriage where one spouse has less earning capacity—for instance, because they stayed home with the kids—the courts may grant the lesser-earning spouse a larger portion of the marital property.

If you need a divorce lawyer in the Waterloo, IL, area, trust Larry J. Keller Attorney at Law. This lawyer has over 30 years of experience and will fight aggressively to get you the divorce settlement you deserve. Visit his website for a full list of practice areas, from family law to personal injury law. To request a consultation, call (618) 939-8999.