The key word in Illinois is equitable, which does not necessarily mean equal, but it means what the judge considers to be fair and reasonable. A situation in which we have cars, well most marital families have two cars. One is typically thought of as the husband's car and one is typically thought of as the wife's car. Usually in those situations it's pretty easy. The husband keeps the car he thought of as his, and the wife keeps the car that's thought of as hers. Marital - the house is a little bit different. That is a joint property you would have to have a value to that and then you'd have to ask and ascertain who wanted to remain in the house. For example, if they didn’t want to remain in the home or if they both did, etc., and then again, you'd have to look at each specific factor in the situation.
Sean Sullivan is a family lawyer practicing in the Elmhurst, Illinois area at the law offices of Laura M Urbik Kern, specializing in child custody and dissolution in divorce. Visit his website, www.laurakern.com, and Divorce Magazine profile.
Certified Divorce Financial Analyst
Business Valuators / CPAs