One of the most technically difficult parts of a divorce can be the dividing of the marital property. Before the work of dividing the assets can even be started, the assets must receive a valuation.
How Marital Property Is Divided
Illinois considers all property, with a few exceptions, acquired after the date of the marriage to be marital property. Unless the two sides come to an agreement on their own, a judge is required by law to divide the property equitably. This means studying all the relevant factors and dividing the property fairly. This does not necessarily mean the property is divided equally.
How Much of the Value of an Asset Is Marital Property?
Some assets, such as a business or retirement account, may have been acquired before the marriage. However, most likely any increase in value to these assets after the date of the marriage may be considered marital property....