Illinois Divorce Law Division Of Assets
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How to fill out Illinois Divorce Worksheet And Law Summary For Contested Or Uncontested Case Of Over 25 Pages - Ideal Client Interview Form?
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FAQ
Marital property does not have to be split evenly, rather it is split equitably. This means the court splits the assets based on what each party deserves. The split could be 50/50, but it could also be 60/40, 70/30, or some other ratio.
If both parties lived in the house, it is a marital asset and will be split. Because Illinois is an equitable distribution state, the marital estate is not always split 50/50. The house cannot be physically split in half, so one party can keep it, it can be sold, or it can continue to be co-owned.
Hiding Assets During Divorce Has Legal Consequences A conviction for contempt of court can result in 180 days in prison and $500 in fines. Knowing these consequences, and faced with the likelihood of getting caught anyway, spouses will often admit the truth about their asset portfolio.
You list all the assets, and debts (debts should be divided as well) acquired during the marriage. Then you figure out the net value of the asset or debt. Then you start dividing the assets or debts and watch the total at the bottom. One spouse can take 100% of the house, while the 401K is divided 60% / 40%.
Under the law of Illinois, generally, no one is required to leave the family home while the divorce is still underway. In Illinois, the family home is most likely marital property. Until the court makes a final decision about the division of the assets, each spouse has an equal right to live in the house.