Division of Property
Illinois is an equitable distribution state. As such, in a divorce, all the marital property of the spouses is divided equitably, though not necessarily "equally".
Marital property typically includes the spouses' estate and assets acquired during the marriage.
Separate property, which includes property acquired by either spouse before the marriage, or personal gifts and inheritances received by either spouse during the marriage, is not subject to division.
The spouses can come up with a plan for the division of the property in their Settlement agreement. If they fail to do it, the court decides at its own discretion, considering the following factors:
- The length of the marriage
- The age and health of each spouse
- The financial condition of each spouse
- Custodial arrangement if any
- Each spouse's occupation, employability, and earning power
- The separate property of each spouse
- Each party's needs and liabilities
- Each party's contributions to the acquisition and increased value of the marital property
- Any other factors of equity