Illinois divorce may mean getting yourself familiar with certain concepts unique to the process. This includes the division of property, one of the most integral parts of a divorce.
Having a firm grasp on what your financial picture is now may help predict what it is going to look like after the dissolution of your marriage. We at the Goldstein Law Offices understand how difficult the divorce process is to go through, and as such, we want to help you prepare for what may lie ahead.
Equitable is fair but not necessarily equal
The term equitable used by Illinois law may seem pretty straight forward; however, it is misleading. Equitable does not mean equal, and both parties need to grasp the concept of this. In an equitable distribution state, the parties’ marital property, including assets, gets split based on spousal contribution. This does not just break down to the financial contribution. It is inclusive of emotional support and overall function in the marriage as a whole.
The purpose of equitable distribution
The parties may not understand why equitable distribution exists and what its purpose is. It allows the courts to ensure that in circumstances where one spouse may control the assets while the other has sacrificed for the sake of the family (i.e., staying home with children so the other can work) the parties financial needs are both met.
Property division in divorce may come down to many factors, such as what the parties had before the marriage and what they bought together. If there is a prenuptial agreement, that may affect the split as well. When on the path to divorce, you may want to refer to some of the other information contained on our website for guidance.