Couples in Illinois who are contemplating filing for divorce understand that it is important to know certain facts about the division of marital property. Marital property generally refers to any asset or property purchased or acquired during the course of the marriage.
Some states have a community property law that determines the division of marital property after a divorce. However, other states, including Illinois, consider various factors in the equitable distribution of property. This means that it is possible for one party to be granted a greater share of the marital property, if doing so is fair.
Before any order is passed regarding property division, the court may consider a number of factors. The court looks into the contribution of each spouse when it comes to buying, maintaining and preserving marital properties, and also considers the current valuation of all concerned property. The length of the marriage is also a determining factor. The court considers the economic circumstances, previous liabilities and obligations from prior marriages of both spouses before deciding on the property division.
In addition to those factors, the court also considers factors such as health, age, occupation, income and the marketable skills of both spouses. If the spouses have children, issues pertaining to their custody and support are also considered. If one spouse has to pay alimony to the other spouse, that is also taken into consideration. The court also weighs the ability of each spouse to purchase or acquire properties in the future, and the possible income that could be generated from those assets.
However, property division can be as complicated as the divorce case itself, and it may be helpful to consult an attorney with experience in that particular area. That attorney’s experience may help a divorcing couple to reach a fair settlement.
Source: FindLaw, “Illinois Marital Property Laws,” Accessed May 7, 2015