Illinois is an equitable distribution state, which means that during a divorce, property is divided fairly, although not necessarily equally. Due to the fact that the property must be divided fairly, a judge will use a number of factors to determine how that will work, and how property will be divided. Below is one explanation about those twelve factors and how they affect property division.
Each Spouse’s Contribution
According to 750 ILCS 5/503(d)(1), the court must consider the extent to which each spouse contributed to both the assets and debts. If one spouse contributed more to acquiring a certain asset, they may be awarded more of that asset. Likewise, if one debt incurred more debt than the other, they will be responsible for repaying more of it than the other spouse.
Dissipation of Each Spouse
Dissipation means to hide or waste assets during the marriage. For example, if one spouse wasted a significant amount of money gambling during the marriage, that spouse may be awarded fewer assets....