Division of Property
How Do Illinois Courts Divide Up Marital Assets?
- The length of the marriage;
- The value of each spouse’s individual property;
- The child custody arrangements;
- Any prenuptial agreement entered into before the marriage;
- The earning potential of each spouse;
- Any sacrifice that either spouse has made in favor of the other spouse’s career;
- Each spouse’s contribution to the marital assets;
- The needs of each spouse;
- The age and the physical, mental, and emotional health of each spouse; and
- Either spouses “waste” of marital assets.
What Is Subject to Equitable Division in an Illinois Divorce?
- Assets owned by one spouse prior to entering into the marriage
- Any asset that was acquired by one spouse by exchanging or selling a non-marital asset.
- Any gift given to, or left to one of the spouses.
- Income derived from non-marital assets.
- Property acquired by one spouse after separation.
- Any judgment awarded to one spouse from the other spouse.
Comingling of Funds and Transmutation of Assets
If one spouse comingles non-marital assets with marital assets, the non-marital assets may transmute into marital assets. If this is occurs, the spouse whose property is transmuted may be able to get reimbursed for their additional contribution to the marital assets. This can cause some confusion and frustration in Chicago divorces.