Myth: Illinois is a 50/50 property division state.
Probably one of the most commonly asked questions I receive from clients is, “Is Illinois a 50/50 property division state?” It can be, but not necessarily. 50/50 states are known as community property states; California, Louisiana and Wisconsin are examples. Illinois is what is called an equitable distribution state. What that means is that the court will allocate assets and liabilities equitably, not necessarily 50/50, although in many cases it turns out to be 50/50. What’s important to keep in mind is not just the percentage division, but the dollar value that is allocated to the asset or the liability. A 50/50 division with overvalued assets really isn’t a 50/50 division. Certainly attention should be given to the dollar value of the assets and liabilities.
For more information, read my blog post titled Equitable Doesn’t Mean 50/50.