The determination of which party receives the marital residence in dissolution proceedings within Illinois hinges on several factors, primarily centering on equitable distribution. This process does not necessarily equate to an even split, but rather aims for a fair allocation of assets and debts considering the circumstances of the divorcing parties. A common example involves a situation where one spouse is awarded the home in exchange for offsetting assets granted to the other spouse, or through adjustments to maintenance (alimony) or child support obligations.
The significance of the marital home in divorce cases is considerable, representing not only a substantial asset but often carrying significant emotional weight for both individuals and, especially, for children. Historically, courts often favored awarding the home to the custodial parent to provide stability for the children. However, modern jurisprudence places a greater emphasis on financial considerations and the overall fairness of the distribution.
