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Division of Property
Unlike some other states, Illinois is not a community property state.
Money or property acquired during the course of the marriage is presumed
to belong to the marriage and, as such, is subject to an equitable division
upon divorce. What is "equitable" is decided on a case-by-case
basis.
Some examples of the property that is divided in a divorce include homes,
automobiles, household furniture and furnishings, bank accounts, pensions
and retirement plans, stocks and stock options, businesses and business
interests, and even frequent flier miles!
In dividing marital property, the Illinois Marriage and Dissolution of
Marriage Act requires that the Judge consider the following factors:
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1. |
The contribution of each party to the acquisition, preservations,
or increase or decrease in value of the marital or non-marital property,
including the contribution of a spouse as a homemaker or to the family
unit. |
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2. |
The dissipation by each party of the marital or non-marital property; |
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3. |
The value of the property assigned to each spouse; |
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4. |
The duration of the marriage; |
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5. |
The relevant economic circumstances of each spouse when the division
of property is to become effective, including the desirability of
awarding the family home, or the right to live therein for reasonable
periods, to the spouse having custody of the children; |
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6. |
Any obligations and rights arising from a prior marriage of either
party; |
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7. |
Any antenuptial agreement of the parties; |
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8. |
The age, health, stations, occupation, amount and sources of income,
vocational skills, employability, estate, liabilities, and needs of
each of the parties; |
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9. |
The custodial provisions for any children; |
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10. |
Whether the apportionment is in lieu of or in addition to maintenance; |
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11. |
The reasonable opportunity of each spouse for future acquisition
of capital assets and income; and |
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12. |
The tax consequences of the property division upon the respective
economic circumstances of the parties. |
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About The Law Firm of Debra J. Braselton, P.C.
Debra Braselton is an experienced adoption, divorce, and collaborative law attorney practicing in Chicago, Oak Brook, Naperville, and other nearby areas in Illinois. Her caring approach and vast experience in practice can bring invaluable knowledge to your adoption, divorce, or collaborative law case. If you are in need of an experienced and professional law firm practicing divorce law, adoption law, family law, or collaborative law in Illinois, call The Law Firm of Debra J. Braselton, P.C. today.
Please contact us for more information:
The Law Firm of Debra J. Braselton, P.C.
One Oakbrook Terrace, Suite 418
Oakbrook Terrace, IL 60181
Telephone (630) 261-1222
Facsimile (630) 261-1229
info@family-law-illinois.com
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