Marital Property Basics
Breaking up is hard to do, and trying to figure out your share of the property sometimes can seem impossible. Your divorce will probably be the largest and riskiest financial event of your life. Achieving a fair result, whether by settlement or trial, will depend on a solid understanding of divorce law as well as tax law, probate law, valuation, bankruptcy law, investment planning, C.O.B.R.A., retirement planning, E.R.I.S.A., real estate law, and more.
Illinois is an "equitable division" state – not a "community property" state; which means that in a divorce, marital property must be equitably and fairly divided between the parties – not necessarily 50 /50.