Divorce laws differ from state to state and where you live determines how assets and debt will be divided in your divorce case. There are nine community property states including Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington and Wisconsin (Alaskans can opt in). Illinois is one of the 41 states remaining who is subject to Equitable Distribution or Common Law. The difference between Community Property States and Equitable Distribution States relates to the way in which property is divided.
In a community property state, whatever is earned or acquired during the marriage is considered co-owned by both parties regardless of who earned it or the name on titles and is, therefore, generally subject to a 50-50 split.
In equitable distribution states such as Illinois, assets such as homes, cars, bank accounts, stocks, pensions, retirement plans, and businesses may be divided based on a variety of factors including the duration of the marriage, contributions, future earning potential of both parties and child custody provisions to name just a few. The Illinois Marriage and Dissolution of Marriage Act requires judges to consider these and many more relevant factors when determining property division, making the process considerably more complex.
If you are considering divorce in Illinois and would like more information regarding the division of property, contact the Law Offices of Ronald L. Bell. Located in Libertyville, Illinois serving clients throughout Lake County and North Shore Suburbs.