Is Illinois An “Equitable Division” State?
If you are considering divorce in the state of Illinois, it is key to understand the rules about the division of property. Generally, the two ways a court can divide property and assets amongst a divorcing couple are called “community property” and “equitable division”. The former means that assets are divided up 50/50 no matter what. Unfortunately for some, this is not what happens in the state of Illinois.
What Is an Equitable Division?
Equitable Division is when the property is divided fairly but not necessarily evenly. Before you begin the process, you will need to create a list of property and assets that will be divided. This includes any type of personal property, all automobiles, and various financial accounts including bank accounts, retirement funds, and investments.
The court will consider the following factors when making its decision:
- Amount of income each individual has earned
- Amount of debt each individual has accrued
- Prenup or postnup agreements
- Value of the properties you own
- Current economic circumstances
- Financial contributions from previous marriages
- Costs of raising your children (when applicable)
- Any existing maintenance orders issued by the court
- Factors limiting a spouse’s ability to earn an income in the future
- Location of your children at the time of the divorce
Protecting Your Assets And Future
Depending on your current situation, an equitable division of your assets may seem fair or even favorable. However, the judge’s ruling is ultimately up to how he interprets the information he is presented. This is why you need an experienced divorce lawyer in your corner.
A divorce attorney who is well-versed in Illinois state law will understand how to prepare this information. They know how to prepare your case in a way that is favorable to you. More importantly, they can anticipate any tricks or games opposing counsel may try to play.
The last thing you want is to show up to your court date and discover your spouse’s lawyer has gotten creative about the amount of money they have contributed, or is blaming you for creating the majority of your joint debt. Unfortunately, divorces can bring out the ugly side in people. The right divorce lawyer will provide the knowledge, experience, and protection you deserve.
The Team At Strategic DivorceTM
Strategic DivorceTM staffs a robust team of attorneys who have spent decades representing individuals like yourself in divorce cases. Simply put, it is the only thing they do. Therefore, when you sign on with us, you know you are getting the most knowledge and experienced defense possible.
Divorce has many moving parts and you can’t manage them all. Our experienced team works together to make sure all of your bases are covered. More importantly, they understand the consequences of letting something slip through the cracks. While this will always be a stressful time for you, you can rest a bit easier knowing that you have a dedicated team watching your back.
Your Free Consultation
We understand that divorce proceedings can be complex and feel overwhelming. Before you make any significant choices, we invite you to contact us for a free consultation at 847-234-4445.
We invite you to schedule your free consultation by calling us at the number above or filling out this short form.
Attorney Michone RiewerTM is a seasoned lawyer based in Lake Bluff, IL, focusing on Family Law. She brings a wealth of experience to matters of divorce, child custody, alimony, and beyond, aiming to provide clients like you with the insight you need to protect your family and move through the legal world with ease.
Connect with her firm, Strategic DivorceTM, to stay updated on the latest developments in Family Law and get in touch with an advocate who’s committed to helping you navigate the legal landscape in Illinois.
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