In an Illinois divorce proceeding, the court categorizes a couple’s property as either “marital” or “non-marital,” which determines the assets eligible for division. As part of the dissolution action, both marital assets and marital debt are subject to division. The court is mandated by Section 503 of the Illinois Marriage and Dissolution of Marriage Act to ensure a fair and equitable distribution of property amassed during the marriage.

No, Illinois is an equitable division state, not a community property state. In a community property state, the value of all marital assets is divided equally. That’s not the case here. A court’s property division decision is based on many factors. Some of the considerations taken by the court include the length of the marriage, each spouse’s economic circumstances, the value of the property, and each spouse’s contribution to the marital estate, which can include the time spent caring for children and the home while the other spouse worked.

Under Illinois law, all property acquired by either spouse during a marriage is presumed to be a marital asset. This is true regardless of whose name the property is titled in or whose money was used to purchase the property. There are exceptions to this which include assets acquired by one spouse by way of gift, legacy, or descent (inheritance).

Non-marital property is any property acquired before the marriage or property acquired during the marriage by one spouse by way of gift, legacy, or descent. The deciding factor in how most assets are categorized is based on when they were purchased and by whom.

The way debts are divided is similar to how assets are divided. First, the debt needs to be categorized as marital or non-marital. Once this is decided, the court will consider these aspects to divide the debts equitably:

• • Each spouse’s income and earning capacity
  • Each spouse’s financial needs and obligations
  • The contribution of each spouse to the acquisition of the debt
  • The duration of the marriage
  • The value of the marital assets  assigned to each spouse
  • The economic circumstances of each spouse at the time of the division
  • Any prenuptial or postnuptial agreements between the parties

The dissipation of marital assets is when one spouse uses shared marital funds for their own benefit or for a non-marital purpose after the breakdown of marriage but before the divorce has been finalized.  Upon a finding that dissipation was committed, a court may order the party responsible to repay the marital assets to make the other spouse whole. Common actions that qualify as dissipation are:

• • Transferring money
  • Concealing assets
  • Large purchases
  • Gambling losses
  • Spending sprees
  • Money spent during an extramarital affair

A retainer is an initial deposit required by attorneys and other professionals to commence representation. The retainer covers fees (billed based on hourly rates) and expenses. If the retainer is used up, the client will be responsible for any additional fees incurred beyond the retainer. If the case is finalized and a portion of the retainer is unused, that portion will be refunded back to the client.

In every case, it takes a village. We have a full-service staff and a large team of attorneys to help with your situation. We use a variety of attorneys, both partners and associates alike, to resolve your case and keep costs down. We also consult with industry experts, such as tax advisors, financial consultants, and forensic accountants, to ensure that all property is fairly valued and divided.