Equitable distribution in Illinois means property is divided fairly between spouses during a divorce, though not necessarily equally.
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Understanding Equitable Distribution
Illinois follows the equitable distribution model for dividing marital property in a divorce. This approach focuses on fairness rather than a strict 50/50 split, considering various factors unique to each case.
Legal Context for Equitable Distribution
Under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/503), marital property includes all assets and debts acquired during the marriage, except for gifts, inheritances, or property excluded by a prenuptial agreement.
Key Factors Considered by the Court:
- The duration of the marriage.
- Each spouse’s contribution to the marital estate (financial and non-financial, like homemaking).
- Each spouse’s economic circumstances after the divorce.
- The presence of prenuptial or postnuptial agreements.
- The tax consequences of dividing property.
- Any dissipation of marital assets by either spouse.
Example Scenario:
If one spouse earns significantly more while the other contributed as a homemaker, the court may award the homemaker a larger share of the marital assets to ensure fairness.
Steps in the Equitable Distribution Process
- Identify Marital and Non-Marital Property
The court determines which assets are subject to division. - Value the Assets
A fair market value is assigned to all marital property. - Consider Relevant Factors
The court reviews each spouse’s contributions and financial situation. - Divide Property Fairly
Based on the factors, the court determines a fair distribution of the assets and debts.
How Attorneys Can Help
An attorney can:
- Help distinguish between marital and non-marital property.
- Advocate for a fair valuation of assets.
- Represent your interests in negotiations or court proceedings.
- Assist in uncovering hidden assets if necessary.
Need Help with Property Division?
Call (630) 366-1760 to speak with an experienced family law attorney. We’ll help you navigate the equitable distribution process and protect your financial future.
Disclaimer: This page provides general information and is not intended as legal advice. For personalized assistance, consult a licensed attorney.
