As a couple in Illinois going through a high asset divorce, there is, unfortunately, a large amount for you to lose. Thusly, it is important to understand how marital property is divided in Illinois.
FindLaw takes a close look at how marital property in Illinois is handled. Unlike some states, Illinois does not recognize community property. This means that anything an individual obtains on their own and for themselves during the course of the marriage is not necessarily up for division. However, nearly all property obtained together is.
For the purposes of distribution, “marital property” is defined as any property that you acquired after your marriage but before the judgment of dissolution. If there are no prenuptial agreements in place, then the court will attempt to divide your property equitably between the two of you. This means that it will be divided in a way that they deem fair, but it might not necessarily be equal.
If your property is up for division, determining factors can include the length of your marriage, the property value, and how both you and your spouse contributed to the preservation and purchase of your marital property. Additional factors can include custodial provisions for children, and the opportunities that both you and your spouse may have to acquire income and assets after your divorce.
If you are currently going through a high asset divorce and have other questions about marital property law and how your property may be affected, consider contacting an attorney for more information.