Posted on August 31, 2012 in Asset Division

Unlike some other states, Illinois is not a community property state. Money or property acquired during the course of the marriage is presumed to belong to the marriage and, as such, is subject to an equitable division upon divorce. What is "equitable" is decided on a case-by-case basis.

Some examples of the property that is divided in a divorce include homes, automobiles, household furniture and furnishings, bank accounts, pensions and retirement plans, stocks and stock options, businesses and business interests, and even frequent flier miles.

In dividing marital property, the Illinois Marriage and Dissolution of Marriage Act requires that the Judge consider the following factors:

1. The contribution of each party to the acquisition, preservations, or increase or decrease in value of the marital or non-marital property, including the contribution of a spouse as a homemaker or to the family unit.
2. The dissipation by each party of the marital or non-marital property;

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