In Illinois, during a divorce, marital property is divided between the parties. While most cases the goal is for an equal or 50/50 division of all assets and debts, such is not always the equitable solution for every case. Illinois is an “equitable” distribution state. A Court does not have to divide the marital estate 50/50 in an equitable distribution. A Court will, instead, divide the property based on each party’s contribution and situation. In some situations, a court may determine that it is “equitable” to give Spouse A 60% of the marital property and Spouse B 40% of the marital property.
For example, a court could determine that:
- Spouse A gets 60% of the marital property
- Spouse B gets 40% of the marital property.
At trial, a Court will utilize 12-facotrs to determine how property should be divided between the parties.
These Factors include:
- Each party’s contribution to the estate;
- dissipation of each party;
- value of property assigned;
- length of marriage;
- past, present, and future economic situations;
- prior marriages of either party;
- any pre-nuptial or post-nuptial agreements;
- each parties status (age, health, station, occupation, income, employability, estate, liabilities, needs);
- what, if any, parental responsibilities;
- maintenance/spousal support;
- the earning potential of both parties;
- taxes consequence, if any, of each asset.
How Can Watson Law Help With Marital Property Division?
At Watson Law, we prepare a property distribution balance sheet to show the parties and court all of the marital assets and debts, and what an equitable distribution would be between the parties. We utilize the balance sheet in negotiation settlements with the other spouse and in trial to walk the Court’s through the entire marital estate. Each and every asset and debt of the parties will be meticulously accounted for in this comprehensive spread sheet. Including, monies that a spouse has taken, hidden, or dissipated prior to the dissolution or while the case is pending. Sometimes assets will have experts to assess and assign a value to the asset such as a property appraisal or a business valuation. We work closely with each and every client to assure that all assets and debts are fully accounted for in order to reach the maximum equitable distribution for our clients.
