Illinois is an “equitable division” state, meaning it requires assets to be divided equitably, not referring to a specific formula. The court looks at many factors when dividing assets to each spouse. Division of assets is especially complicated if a prenuptial agreement has not been in place. We will work to ensure you receive an equitable division of your marital assets.
Marital Assets in Illinois
In Illinois, the property acquired by either spouse during the marriage is presumed to be “marital property” and will be included in the division of assets. Even investments, property, or income that is under one spouse’s name can still be divided equally amongst both spouses, regardless of whose name it is under.
Common Examples of Marital Property:
Pensions, 401Ks, retirement plans
Bank and investment accounts
Homes and leisure homes
Business and partnership interests
How We Can Help You
With over 58 years of experience, our attorneys at Krentz, Salfisberg & Swanson Haggard are highly experienced in this area of law. Contact us today to discuss specific factors in your case and answer your questions with a free consultation. We are here to get you the property settlement you deserve.