Making the decision to divorce isn’t one that any married couple takes lightly. It came after much self-reflection and often after having several conversations with your spouse and leaning on friends and family for support. One portion of the divorce process that can bring the stress level up is the portion surrounding property division. This is mostly because people don’t know what will happen with property division and the unknown can be stressful.
Many of the processes and laws surrounding property division have to do with the state you’re living in. Illinois is an equitable division state, not a community property state. This establishes how marital property is viewed. Equitable is the word to think of, it doesn’t mean that each spouse will get a 50/50 split. The division is proportionate to what’s fair.
Determining separate property from marital property is an important distinction. The way these two types of property are viewed by the court is that one qualifies for equitable division and the other is kept separate to that person. Anything purchased with commingled funds is considered marital property. However, there may have been debts or assets acquired before the marriage that would be considered separate property in a divorce.
If you are unsure about how this property division process is going to play out in a divorce, you aren’t alone. Many people getting a divorce have anxiety about this question. Getting a full accounting of your and your spouse’s financial situation is a great place to start. No stone should go unturned.