Property Division

What is Property Division?

A number of factors is to be considered when dividing assets and liabilities, such as: 

• How much income do you and your spouse currently earn? 
• Will you and/or your spouse earn higher income in the future? 
• Do you or your spouse have a unique or specific financial need?
• What are the ages and health of both you and your spouse? 
• Are minor children involved? 
• What are the values of the assets and liabilities of you and your spouse?

It is essential for your attorney to have a clear understanding of the assets and liabilities. Therefore, as a starting point, both you and your spouse will be asked to complete the Illinois statewide form called a Financial Affidavit. On the Financial Affidavit form there are three main sections to complete: 1) Your income; 2) Your monthly expenses and liabilities; and, 3) Your assets. Click here for the link to download the Financial Affidavit form.

When dividing property between spouses it is also essential to determine whether property is marital property or non-marital property. Generally property acquired during the marriage is considered marital property although exceptions do exist. 

Property acquired before the marriage is generally considered non-marital property but again exceptions exist. Sometimes parties have retirement accounts or pensions that have both marital and non-marital components. Identifying marital and/or non-marital property is important in order to achieve a fair and equitable property division.