The laws in Illinois governing property division, found in 750 Illinois Compiled Statutes 5/503(d), direct courts to prioritize certain factors when determining a fair and equitable approach to property division. These factors include but are not limited to:
Each party’s contribution to the asset(s) in questionWasting of any assets by either partyValue of the property being dividedLength of the marriageChild custody in situations where it is applicable
Taxes are another important but often overlooked factor a court should consider, as property division could actually have a significant impact on tax liability.