Even if it may not seem like it, married couples tend to put a significant amount of time, effort and money into purchasing or investing in property. Although this term might sound particularly specific it is actually applied rather broadly. Unless there is a prenuptial agreement stating otherwise, almost all property acquired during a marriage is considered marital property. As such, asset division can be particularly complicated depending on the length of marriage or how much property a couple acquired during that period of time.
In Illinois, marital property is dealt with through equitable distribution. This means that property will be divided equitably, which may not be equally. In so,me circumstances, an equitable division of assets may look like something closer to 60/40. Many different factors can help a couple or family law judge determine what the fairest split might be.
For example, a judge will likely consider the length of a couple’s marriage as well as the future financial security of both people. Each person’s health, age, occupation, income, employability, skills and more will also likely factor into any decision. Even each spouse’s contribution to purchases, increasing or preserving marital property and its value can play a role in this process.
There is no straightforward or one-size-fits-all approach to address the split of marital property during asset division. Each couple in Illinois is unique, and their situations will require different methods of valuing and dividing property. With so much on the line and a number of factors that will affect decisions regarding property, it is essential that an individual going through a divorce understand his or her rights as thoroughly as possible.