Divorce is one little word that contains so many aspects. When a couple is going through a divorce they need to understand what will happen with their children, their home, and their assets after the marriage is legally over. In Illinois, which follows an equitable distribution model, it is important to understand the value of everything included in the marital estate to ensure a fair division. This article will explore the topic of property valuation in Illinois divorce. To learn more, speak with a knowledgeable Wheaton, IL divorce lawyer.
Equitable Distribution in Illinois Divorce
When it comes to property division in a divorce, there are generally two options a state can follow: equitable distribution and community property. A community property model aims to split all the assets a couple has equally, with each spouse getting an equal half. In an equitable distribution state like Illinois, the courts strive to arrange for a division of property that is fair, but not necessarily equal.