An Illinois divorce has several important issues that must be resolved. If there are minor children, child support and custody schedules need to be decided. The question of whether spousal support should be paid needs to be answered. Finally, couples need to divide the assets and money they have accumulated during their marriage according to Illinois law.
While some states require spouses to divide their marital estate equally, Illinois requires asset division to be fair, leaving neither spouse with a disproportionate amount of marital assets or marital debt. This means each couple will have a different outcome in their asset division; what worked for your friend or family member may not work for you. Fortunately, most couples find that with respectful negotiation, they can make it through the asset division process and come to an agreement that works for both partners.
Dividing Bank Accounts
Bank accounts are usually among the easiest assets to divide because their value is easily known. If both partners contributed equally to a couple’s savings, regardless of their income, it makes sense to split a savings account equally. If one spouse earned more and contributed more to the savings account, that spouse may be able to negotiate for a greater portion of the funds.
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