What Is Considered Marital Property in Illinois?

Divorce is a significant life decision that necessitates other decisions and compromises. If you have minor children, you will need to negotiate the allocation of parenting time and parental responsibility. You may need to determine if one spouse should receive alimony and how much. However, one of the most contentious issues in a divorce is the division of property. To ensure you receive the assets you are due under state law, consider hiring an experienced Illinois divorce attorney to represent your interests. 

Illinois: An Equitable Distribution State

States have their own laws regarding property division in divorce. Illinois is an equitable distribution state as opposed to a community property state. Equitable distribution means that the property is divided up fairly, not necessarily equally. There’s no automatic 50/50 split of the assets and debts when a marriage ends. The judge must consider several factors such as:

• The existence of a pre-or post-nuptial agreement
• The duration of the marriage
• The value of the assets and debts
• If one spouse will receive alimony
• The financial positions of each spouse
• Any applicable parenting plans
• The potential tax consequences of the property division
• The opportunity for future acquisition of assets and income for reach spouse
• If either spouse has obligations from a previous relationship (such as child support for other children)
• Contributions to the attainment, protection, or increased value of the marital property, including those made as a homemaker

What is Marital Property?

Even though Illinois is an equitable distribution state, not all property is subject to this type of division. Only marital property will be divided in this manner. Marital property is property obtained by the couple after the legal marriage. Assets such as homes, vehicles, retirement accounts, businesses, and other valuables can qualify as marital property. 

Unlike marital property, separate property isn’t subject to division in a divorce. It remains the property of the one spouse who either had it before the marriage occurred or who received it as a gift or an inheritance during the marriage. It’s crucial to distinguish between marital and separate property to ensure that you receive what is rightfully yours in a divorce. While it can be easy to categorize most assets, some can be trickier. 

For example, if you received an inheritance after you were married and used it along with your current income to purchase a vacation home. Having a seasoned Illinois divorce lawyer can help categorize property and pave the way for equitable negotiations in these situations. 

Do You Have Questions About Marital Property and Asset Division? Call a Seasoned Illinois Divorce Attorney Today

With over 20 years of experience representing divorcing spouses, the Goodman Law Firm has the knowledge and resources to help you during this time. Our Illinois divorce lawyer can help you identify all assets, both marital and separate alike, so that equitable distribution of property can occur. Oftentimes, your attorney can assist you in negotiating the terms of your property division settlement. 

If a settlement can’t be reached between you and your soon-to-be ex-spouse, they can represent your best interests in court. If you think your spouse might be trying to hide assets from you and the court, we can help with that as well. To learn more about how property division occurs in Illinois family courts or meet with an attorney, contact us today to schedule your confident asset division consultation.