It is no secret that dividing assets can be among the most challenging parts of a separation. Illinois residents experiencing divorce will attest to the fact that seeking equitable division of money and property can be time-consuming and stressful. Understanding how asset division works in one's home state, as well as understanding how taxation of those assets functions, can go a long way towards smoothing the road towards a new life for each spouse.
Illinois is what is considered an "equitable distribution" state, which means that division of assets is not determined by pre-marital and post-marital ownership. Instead, it is governed by a decree of "fairness" at the discretion of the divorce court. While this can be valuable for couples who have already agreed to asset division before filing for divorce, it can be more difficult to navigate for those in contested situations.