Property Division

Division of property in Illinois is on an "equitable" basis; meaning what is considered fair.  In some cases, that may be a 50/50 split, a 60/40 split, or even a 95/5 split depending on the circumstances of the parties.  So what is fair?  The Court can take many factors into consideration when deciding a "fair" property distribution.  Judges commonly consider:

• Each party's contribution to the marital estate, including that of a homemaker;
• The duration of the marriage;
• Whether there are any written pre-nuptial or post-nuptial agreements;
• The dissipation or wasting of assets by a party (i.e. gambling, spending money on a girlfriend or boyfriend);
• The economic circumstances of each spouse as well as many others.  

Marital vs. Non-Marital Property. Before dividing up property in a divorce, it must be classified as either marital or non-marital property. In Illinois, all property, including debts and other obligations, acquired by either spouse after the marriage but before a Judgment for Dissolution of Marriage is entered is presumed to be marital property. There are certain exceptions to the rule, such as money received during the marriage from an inheritance or gift.  
Some property, like bank accounts, are easy to value because they have a dollar value assigned to them.  Other assets such as a business or real estate may require an appraisal in order to determine how much they are worth.  
​You should start considering if there are specific assets that you would prefer to receive in your divorce as well as assets that you would prefer to assign to your spouse. ​