How Is Asset Division Decided In Illinois?
U.S. states follow either of two approaches when it comes to in a divorce settlement; namely the equitable distribution method and the community approach. However, most states such as Illinois prefer fair equitable division. While it is fair, it doesn’t necessarily mean it’s equal.
Asset Division in Illinois
Rather than dividing marital property straight down the middle, an Illinois judge examines a number of factors surrounding property division to determine a fair division. Some of them include the following:
- The debts and finances of both spouses.
- The terms that are mentioned in the prenuptial agreement.
- The health and age of both spouses.
- The property value.
- Whether alimony is involved.
- The duration of the marriage.
- Each spouse’s career and employability.
- Child custody arrangement from a previous marriage.
- Whether either of the spouses can acquire income and assets in the future.
- The financial circumstances of both spouses.
- Tax considerations of the property division.
- Whether the family home should be awarded for a set period of time to the spouse who has physical custody of the children.
Why Asset Division Is Unequal In Illinois
Illinois courts are usually adamant in ensuring that the division of property is as close to 50/50 as possible – even if it seems unfair for a spouse who is awarded less. The state recognizes ‘no-fault’ divorce, which means that they do not judge a spouse for causing a divorce (for example for having affairs or being abusive). This means that the other spouse is not awarded more assets as compensation.
On the other hand, the court does consider financial misconduct when it is determining asset division. So if a spouse is found to have wasted their family’s finances for say on presents for a mistress, they will be ordered to reimburse the amount they used to their spouse post-divorce. This is understandable since the money they used would have benefited their family.
A divorce can be the most devastating experience anyone can go through. During this difficult time, having an experienced divorce attorney who is skilled at asset division in your corner is a good idea. Get in touch with us at the Law Office of Fedor Kozlov for a consultation today. We can protect your family, resolve complex conflicts and represent you aggressively in court. Our aim is to ensure that you can have a great post-divorce life that is free of stress.