Income, real estate, vehicles, and most other assets a spouse acquires during a marriage are included in the marital estate. During an Illinois divorce, the spouses will need to divide this marital property. The asset division process may involve deciding who will keep the marital home, determining how to divide bank account balances and retirement funds, splitting up personal possessions, and more.
Conflict and disagreements during the property division process are common. In this blog, we discuss the basics of property division in Illinois and the options divorcing couples have when resolving property division conflicts.
Negotiated Property Division Settlements
Although many people assume that the court always makes decisions about how to divide property in a divorce, most divorcing couples are able to negotiate a settlement. If the spouses are able to communicate effectively and negotiate in good faith, they may usually work out an arrangement regarding property division.
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