Dividing up assets during a divorce can become complicated. Which party ends up with which assets can vary greatly and is typically up to your assigned judge to decide.
Many people believe that all their possessions belong to them, even when there is a divorce.
This is not true, however. In Illinois, assets owned by a couple before they file for divorce are community property. That said, one spouse can claim an asset as their own, but they must provide evidence this was the case. For example, a gift meant for that person alone could qualify as an asset that belonged to one spouse only.
A judge can also consider a business "community property" and divide it up in the final settlement.
Although it seems to make sense that assets are split in half due to a divorce, this is not always the case.
A couple can certainly do a 50/50 split if they can both agree, but if they have to go to court to make the decision, the split will likely not be straight down the middle.
Additionally, if one spouse makes less money than the other, they might need more of the assets to maintain the standard of living enjoyed during the marriage.
For example, if one spouse stayed at home raising the children, they contributed to the marriage in a non-monetary way that will be considered when dividing assets and awarding spousal support.
If you need a divorce attorney in Schaumburg to represent you during your divorce, please contact our legal team today.