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DuPage County divorce attorney division of marital propertyDivorce is common, an outcome dissolving between 40 and 60% of marriages in the United States. Importantly, the laws governing divorce are state-specific, meaning that, if you were married in Illinois, live in Illinois, and will divorce in Illinois, it will be Illinois law that applies to the division of marital property. When dividing property during divorce, Illinois law utilizes a principle of “equitable distribution.” 

Equitable distribution demands that all marital property – property acquired by either spouse while married – be divided fairly and equitably. Importantly, however, “fairly and equitably” does not necessarily equate to “equally.” Rather, the courts will attempt to divide property in a fair and just manner.

Marital Property May Include More Than You Realize

Cash, cars, and houses are three items that may spring to mind when contemplating the assets of a marriage. However, marital property often contains a far greater diversity of assets (and, in many cases, liabilities such as credit card debts) than a bank balance, residence, and means of transportation. 

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