Going through a divorce doesn’t just mean parting ways and forming new lives independently of one another; it also means divvying up property. While couples are encouraged to divide property on their own in a manner that they see fit and both agree to outside of court, in some cases, resolution cannot be reached, and a couple must turn to the court system for guidance. When this is the case, the court will follow Illinois’ laws regarding property division in making its decision.
What Do Illinois Laws Say About Property Division in a Divorce?
Illinois courts recognize the equitable division of marital property. Marital property, as found in 750 ILCS 5/503 means all property, including both debts and assets, that were acquired by either spouse during the course of the marriage, with the exception of property that was acquired by gift or legacy, property acquired in exchange for another property that was acquired prior to marriage, and property acquired after a judgement of legal separation is issued (you can see the full list by referring to the cited code).
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