The divorce process can be challenging for a number of reasons. Not only are two spouses making the difficult decision to end their marriage, but they will also have to navigate the legalities of a divorce. In the state of Illinois, marital assets are to be equitably divided between spouses during a divorce. It should be noted that this does not mean that both spouses will receive half of all assets. In order to ensure a healthy financial future for you and your family after your divorce, it is important to work with an experienced legal professional throughout the divorce process.
Asset Division in Illinois
As mentioned above, Illinois is an equitable division state, as it pertains to marital assets. This means that through careful consideration of a number of factors, the court will divide the assets in a fair manner. These factors include each spouse’s contribution to marital assets, the non-marital assets of each party, the duration of the marriage, the economic standing of both spouses, the presence of child support from a previous marriage, future income potential, and how child custody is awarded. In some cases, the court may order one party to pay spousal maintenance to the other party, even after equitably allocating marital assets.