Division of Property in an Illinois Divorce Case

 Posted on April 29, 2012 in Divorce

Whether you're facing your first divorce, or are trying to enforce the terms of a prior divorce decree, you may have a lot of questions about Illinois divorce laws and how the divorce process works in Illinois.

One main consideration of those getting divorced in the Illinois is the division of property and assets. When it comes to property division, unlike some other states, Illinois is not a community property state. Money or property acquired during the course of the marriage is presumed to belong to the marriage and, as such, is subject to an equitable division upon divorce. What is "equitable" is decided on a case-by-case basis.

Some examples of the property that is divided in a divorce include homes, automobiles, household furniture and furnishings, bank accounts, pensions and retirement plans, stocks and stock options, and businesses and business interests.

In dividing marital property, the Illinois Marriage and Dissolution of Marriage Act requires that the Judge consider numerous factors, including each party's contributions to the marital estate, the value of the disputed property, the duration of the marriage, the economic situations of each spouse, child custody arrangements, and tax implications.

For more information on Family law, divorce, and the division of property in the DuPage County Illinois area contact the top DuPage County Illinois divorce lawyers at Stock, Carlson & Asso. LLC.