Some states are community property states, mandating that any marital property is split equally. Illinois is an equitable distribution state, which provides for perhaps a more fair division by taking each spouse's circumstances into account. At Lois Kulinsky & Associates, Ltd., we understand the importance of protecting the assets to which you are entitled following a divorce. In order to have reasonable expectations, it is important to understand how equitable distribution works.
If you are considering putting together a prenuptial agreement, you probably have some financial concerns regarding your upcoming marriage. A legal contract between you and your future spouse is a great way to address those matters.
Because divorce can get complicated and emotionally frustrating for many people, some couples choose to create documents that outline property division should a separation or divorce occur. At Lois Kulinsky & Associates, Ltd., we help couples put together prenuptial and postnuptial agreements to provide peace of mind and a smoother separation process.
Illinois is an equitable division state, and the Illinois Marriage and Dissolution of Marriage Act requires marital property to be divided based on several factors, including each spouse’s financial and other contributions to the marriage, the value of the assets, the duration of the marriage and any legal agreements that had been put in place prior to the dissolution.