The division of assets can be one of the biggest sources of contention in an Illinois divorce. Part of the reasoning for this can be attributed to the term “equitable distribution,” which essentially means that each party is entitled to their “fair share” of the marital estate. What is your fair share, and how can you ensure you get it during your divorce? The following explains.
Determining Your “Fair Share” in an Illinois Divorce
Nothing in life is fair - especially not divorce. Yet, this is the terms that courts use when dividing assets in an Illinois divorce. What might your fair share look like? A few factors are used in reaching this determination, including:
- The overall value of your marital estate;
- Your capacity to earn an income;
- Your spouse’s capacity to earn an income;
- Any involved children (and their needs);
- Non-marital assets that may improve your living standard;
- Which assets may be held by either party after the divorce; and
- Any limitations that may hinder a party’s ability to earn a living.
Essentially, the courts want to do what they can to ensure that you and your spouse are nearly equal in assets and income, once the divorce has ended. Achieving this lofty goal can be quite difficult, however, especially if there are hidden assets or deceptive practices involved.