For many couples, dividing assets during divorce is the most complicated and conflict-filled aspect of the divorce process.  This is especially true in Illinois, where the division of assets is governed by a mix of common law and statutory rules. If you are planning to divorce, you may have questions like, "Who keeps the house?" or "What happens to our bank accounts?" You may also have questions about complex assets like investments and retirement accounts or liabilities like student loan debt and credit card debt. This blog will cover some of the fundamental aspects of property division in Illinois divorce cases and what you can do if you need help classifying and dividing property during your divorce.

What is Mine and What is Ours?

Under Illinois law, almost all of the assets purchased or otherwise acquired by either spouse during the marriage are considered marital assets. Marital assets include any income earned by either spouse during the marriage as well as any assets that were acquired with that income. Examples of marital assets include houses, cars, furniture, cash, jewelry, collectibles, cryptocurrency, and anything else acquired during the marriage.

Assets acquired before the marriage or gifts and inheritances received by one spouse during the marriage are considered non-marital property. A spouse keeps his or her non-marital property and the marital property must be split between the spouses.

Massive layoffs at companies like Twitter and Meta have been making headlines across the country recently. Being laid off from your job can cause a lot of stress and uncertainty, especially if you have children. Simultaneously, in what has been called "The Great Resignation," people are leaving jobs at an unusually high rate. If you or your child's other parent is unemployed, you may wonder how this will influence your child support order. The answer to this question depends on several different factors.

Child Support Calculations in Illinois

In Illinois, child support payments are determined through a calculation process called the Income Shares method. The two parents' net incomes are added together and then this combined income is used to determine the total amount of financial support the child or children will require. This support obligation is divided between the parents based on their percentage of the combined income. For example, a parent whose income accounts for 30 percent of the combined income would be responsible for paying for 30 percent of the support obligation. The parent with the majority of the parenting time provides his or her share of support by providing for the child's needs. The other parent, the "obligor," provides his or her share through child support payments.

Child Support When a Parent's Income is Zero

If a parent has no job, he or she has no income. The court may handle this situation in a few different ways. If a parent is laid off from work due to no fault of his or her own and makes good-faith attempts to regain employment, the court may grant a modification to reduce the parent’s child support obligation.

Getting divorced can represent a major financial burden. In some cases, spousal support, also known as alimony or spousal maintenance, can help provide some much-needed financial relief during the transition period after a divorce. In Illinois, courts will determine whether either party is eligible to receive spousal support based on several factors such as the length of the marriage and each spouse’s financial resources. The spouses may also be able to negotiate an agreement about the amount of support a spouse receives. 

Who Can Get Alimony in Illinois? 

Alimony, which is called spousal maintenance in Illinois law, can be a great source of financial support and peace of mind when a couple separates. It can also be a substantial expense for the spouse paying maintenance. 

Some divorcing couples agree on the amount of support the lesser-earning spouse receives. For example, a couple may agree that the higher-earning spouse pays the lower-earning spouse  $1,000 a month for the first 12 months after the divorce. If the spouses cannot reach an agreement, it is up to the court to decide whether maintenance will be awarded. 

The two main components of child custody in Illinois are "parental responsibilities" and "parenting time." Parental responsibilities involve the big decisions in a child's life, such as education, religion, and medical care. Parenting time is simply the time each parent spends with the child. Parents can either share these responsibilities and parenting time, or one parent can have sole responsibility for the child. If parents cannot agree on parental responsibilities and parenting time, the court will make a judgment based on what is in the child's best interests.

Factors Considered by Illinois Courts in Determining Child Custody

The Illinois Marriage and Dissolution of Marriage Act lists several factors that courts must consider when making a child custody determination. These include:

• The desires of the child's parents regarding custody and parenting time

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Marriage is about much more than money. However, when a marriage ends, financial matters are often a chief concern. If you are getting divorced, you may have questions and concerns about how marital property, such as bank accounts, real estate, and household items will be divided between you and your spouse. The situation becomes even more complicated if you or your spouse own complex assets like investments, retirement accounts, royalties, deferred compensation, businesses, or professional practices.

Divorcing spouses are expected to freely provide financial documents and truthfully disclose their income, assets, and debts. Unfortunately, some spouses lie about financial matters in the hopes of securing a better divorce settlement. If you suspect that your spouse is hiding assets, underreporting income, or lying about financial issues, it is important to act quickly. Your divorce settlement should be predicated on the truth, not your spouse’s version of the truth.  

Signs Your Spouse is Lying About Financial Issues During Separation or Divorce

Illinois law requires divorcing spouses to disclose accurate financial information during the property division process. However, spouses hoping to shield certain assets from division may use many creative methods to hide these assets. Some red flags that may indicate financial dishonesty during a separation or divorce include: