Dividing Assets In An Illinois Divorce
Last updated on May 2, 2025
Marriage is the unification of two separate lives into one. This is also true for their finances. If and when divorce becomes necessary, it is no easy task reclaiming separate emotional and financial lives. At a time when you may be overwhelmed by strong feelings of grief and anger, it can be difficult to make rational and practical decisions about your finances.
That being said, your divorce settlement or judgment will affect your short-term and long-term future, and you simply cannot afford to make decisions rashly or emotionally. You may need to rely on the good judgment and strong advocacy of your divorce attorney during this tumultuous time.
At Gauthier Family Law, in Vernon Hills, this is a responsibility we are proud to accept.
How Is Property Divided In A Divorce?
In an Illinois divorce, marital property is subject to division in a divorce. However, each spouse’s separate property remains solely their property. Illinois is an equitable division state, meaning marital property is divided according to each spouse’s needs and contributions to the marriage. What could result is an even, 50/50 split, a 60/40 split or many other outcomes. It varies on a case-by-case basis.
What Is Considered Marital Property And Separate Property?
Generally, any property that each spouse had before marriage is separate property. Marital property is anything they accrued while married. However, there are exceptions to these rules. For example, a couple may have a prenuptial agreement that precludes certain assets from becoming marital property, even if they’re accrued during the marriage. It thus won’t be divided in a divorce. Gifts intended only for one spouse, inheritances and heirlooms from one side of the family are also considered separate property in Illinois.
Protecting Your Financial Future
Asset and property division starts with a complete inventory of the marital estate, followed by an in-depth analysis, evaluation, and discussion of your financial needs and goals. Our attorney, Michael Gauthier, will take the time to understand which assets are most important to you right now and which will be most important in the future. We will then discuss the potential ramifications of prioritizing some assets over others, including tax liabilities and additional associated costs.
As just one example, consider the marital residence. You may want to keep the house, but can you afford to pay the mortgage on your own? Can you afford the additional costs of maintenance, repairs and utilities? Are you willing to trade away other valuable assets equivalent to your spouse’s stake in the property?
Although there are many decisions to make and factors to consider, we will guide you through the process one step at a time so that you have all the relevant information you need to make informed choices that will promote your financial security after divorce.
Contact An Asset Division Lawyer For Free
Gauthier Family Law is located in Vernon Hills, and we serve clients in Lake and McHenry counties as well as the surrounding areas. To discuss your legal needs with a lawyer who listens, call us at 847-327-0898. You can also contact us via email.