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.
While people are married, they technically share everything whether they realize it or not. Most income, property, retirement accounts and other assets that are obtained during the marriage are considered "marital property." This means that even if the assets are held in separate accounts, with only one spouse's name on it, or if property is only owned by one party, that both parties still have a right to that property. This does not usually become an issue until a couple is going through a divorce and the couple begins the process of the division of assets.
Property division can be a primary concern during the divorce process so it is helpful to understand the process. The division of assets during divorce is conducted in Illinois according to equitable property division which means that marital assets will be divided fairly so it is helpful to understand what that means.