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

Considerations for asset division in an Illinois divorce

There are several factors that may come into play within a division of assets in an Illinois divorce. Illinois is not a community property state. Therefore, it is not required to have property divided evenly but rather equitably. This means that instead of a 50-50 split, parties may divide assets 60-40, 70-30 or any other percentage based on multiple factors during the marriage.

The first factor to consider would be the extent to which each party contributed to the purchase and increase or decrease in value of marital property. This relates to income. The party who contributed the most income to a marriage should walk away with the most assets.

However, spending habits are also taken into consideration and calculated as negative income. This means that if one spouse was a big spender who caused a decline in monetary assets, this will be taken into consideration by the court before issuing a final order.

Another factor to consider is the act of wasting or hiding assets, otherwise known as dissipation. A dissipation claim may go back 5 years from the filing date. An example of an act of wasting would be if one spouse intentionally damaged or disposed of a property resulting in a decrease in value such as a damaged vehicle, a destroyed house or selling a boat or motorcycle for far less than market value.

Consulting with an Illinois divorce attorney can ensure that you are receiving your fair share of assets. Do not walk away with less than you are entitled. By becoming well informed of you rights, you can make the best decisions in your situation.

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