Divorce Property Distribution in Illinois

 Posted on April 25, 2013 in Distribution of Assets

Illinois is an equitable distribution state, which means that marital property will not necessarily be divided equally, but it will be divided fairly. In the instance of property distribution, all property that either spouse gains during the marriage is included in marital property. This property will be divided without considering marital misconduct of either spouse, although these factors will be considered:

• The duration of the marriage
• The contribution of each spouse to the marriage, including property, the family unit, and being a homemaker
• The indulgence of the shared and individual property of each spouse
• The value of property that has been assigned to each spouse
• Whether the property will be addition or included along with maintenance
• The age, health, vocational skills, liabilities, occupation, estate, amount and source of income, station and needs of each spouse
• Custodial arrangements of the children
• Post-nuptial agreements
• Obligations and rights that may arise due to prior marriages of either spouse
• Any relevant economic circumstances that may affect property such as the desirability of keeping the family home and having custody of the children
• The tax consequences that may occur due to the division of any properties for either spouse

Non-marital property includes:

• Anything acquired by either spouse by gift, descent or legacy
• Anything acquired by exchange for property before the marriage or after the marriage began, but in exchange for property that was acquired by gift, descent or legacy
• Property acquired by either spouse after a legal separation judgment
• Any property acquired before the marriage
• Any property that has been excluded by both spouses with a valid agreement

If you are going through a divorce or soon will be, contact a divorce attorney for assistance with your property distribution. A. Traub & Associates can assist you in Lombard, Ill. today.