The state of Illinois considers an equitable division of property when dividing assets after a divorce. What this means is that when a couple decided to get a divorce, their property and debt will not be shared equally but rather fairly. The court divides the property depending on several factors. They include;
- The contribution of each party
The court assesses the contribution each party made to the acquiring, management, and increase or decrease in value of the assets in consideration. The more the assets that each party contributes, the more they get to keep.
- The value of each property
The court also considers the value of each property that it assigns to each spouse. The court may consider giving one spouse a considerable share of assets if the other spouse has a significant amount of non-marital assets.
- The length of the marriage
The court considers the time-frame of the union to help in the multiplication of the homemaker’s contribution. The marriage duration as well helps to prevent gold-diggers from marrying wealthy spouses with the pretext to divorce them and get a piece of their property.
- The children and economic challenges
The court may consider the financial challenges facing both couples before allocating the property. At times there may be more property allocation to the spouse who has a hard time financially as a way to increase their security.
Children are also a key consideration, especially when deciding what to do with the marital residence. The court may try to ensure that the children remain in their school district and their marital residence. You may, therefore, fond one parent staying with the kids in their home while both parents share the mortgage until a specific period.