The Law Firm of Debra J. Braselton, P.C.
Illinois Matrimonial and Family Law 630-DIVORCE

Understanding how property is divided during divorce

Property division is usually of significant, and understandable, concern during a divorce. It is helpful for divorcing couples to understand how their property will be divided and to be familiar with that process.

The division of assets in Illinois is governed by equitable property division rules. That means that the family law court will seek to divide the couple's property as fairly as possible and unique to each situation. Each piece of property will be divided according to the couple's unique circumstances, which is why it is always useful for divorcing spouses seeking certain pieces of property in their divorce to understand how property division will be conducted.

Marital property, or property acquired during the couple's marriage, is subject to division. Property that may be subject to division includes: homes, cars, household items, bank accounts, pension and retirement plans, stocks and stock options, businesses and business interests and other types of property as well. The family law court will consider a host of factors when determining how to divide property, including: contributions of the spouses to the marital property; the duration of the marriage; the economic circumstances of each of the spouses; the age, health, income sources and employment situations of each of the spouses; the child custody situation; and tax consequences of the property division settlement, among other factors as well.

Knowing how property division is handled during a divorce can help divorcing couples prioritize their needs and concerns in the divorce. The more divorcing couples understand the asset division process in their state, the better position they are in to protect their interests and obtain a favorable property division settlement agreement.

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