When a married couple plans on getting divorced, the last thing they may feel like doing is cooperating with each other. Even though they might not be on the best of terms, communicating and working together may be the best tactic to take for everyone involved. Even Illinois courts urge couples to try to work together with their attorneys to make decisions about their divorce. If a couple is unwilling or unable to compromise or come to a resolution, the court will have to intervene and make decisions for the couple based on Illinois law. Asset division can be tricky, and the exact laws that apply to this situation might be different from what most people think.
The Division of Assets Is Not Always 50/50
Many people think that the asset division process is simple and that each spouse will get exactly half of everything they own together. While this may be true in some states, Illinois practices what is called “equitable division.” This means that each spouse will receive a portion of the marital estate that is considered fair and just. To achieve an equitable division, the judge will look at a variety of factors to determine what each spouse should receive. Some of these factors include each spouse's income-earning potential and whether or not one parent gave up a career to stay home and raise children. In addition, the parent who is allocated the majority of the parental responsibilities may receive the marital home, since the children will reside there most of the time.
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