Laura R. Gottlieb’s Answer Regarding Asset Division
Most states, including Illinois, follow equitable distribution laws when completing asset division in the case of a divorce. This means the property will be divided between the spouses in a fair and equitable manner based on a variety of factors. The factors considered differ from state to state. In Illinois, the judge looks at 12 different factors. Judge’s most commonly focus on the parties’ assets and debts; whether or not there are children; the length of the marriage; each party’s needs; and each party’s potential future income. In most community property states, property is divided equally (50/50).
Read on about how inherited property is divided in a divorce.
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