During a divorce, if the two separating parties cannot decide on how to split their personal belongings and property, the court will have to get involved and determine who will receive which assets.
Equitable vs. Equal Distribution
The majority of states, including Illinois, follow “equitable distribution” laws. These laws state that all marital property, or property acquired during the marriage, needs to be divided between the spouses “equitably” and fairly. It’s important to note that “equitable” does not always mean “equal,” and that spouses do not necessarily receive a 50/50 share of property and possessions.
Judges determine the division of property in Schaumburg using a number of factors, including:
- The earning capability of each spouse
- Each spouse’s overall financial health and the value of their separate property
- Financial needs of each spouse for the future
- Prenuptial agreements
- How significantly each spouse’s earnings contributed to acquiring marital property
The Goal of Equitable Division During a Separation
The goal of the equitable division is to make sure each spouse receives a fair share of the joint marital assets as that share fits into the larger picture of financial well-being and earning potential. While the courts will always do their best to divide the property in a way that it considers fair, one spouse may receive a larger portion of the property or may receive a larger individual item, such as a house or car.