Dividing Assets: Who Gets the Marital Home?

When it comes to dividing up property during divorce proceedings, Illinois is an equitable distribution state, meaning that marital assets are split as equitably (fairly) as possible. Thus, when large or expensive assets need to be divided, it can require a bit of maneuvering to ensure that both spouses receive the most equitable share of the estate. The marital home is one of the assets most commonly debated and argued about during proceedings, but it is possible to work out who should be awarded the home without leaving them otherwise penniless. Is the House Marital Property? The first question that must be asked is whether the home is even considered marital property or not. In most situations, the answer will be yes, but it cannot simply be assumed. Under Illinois law, any asset acquired by either spouse after the marriage is considered marital property, which usually includes the marital home – most couples will make that purchase together after they are married,…

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