Illinois Law on Division of Property During a Divorce
Division of property during a divorce can be quite hectic for couples without an idea about the Illinois laws pertaining to this matter.
If you are currently involved in divorce proceedings with your spouse, use this information to learn how to divide property according to Illinois law.
What is Marital Property?
By definition, marital property is property acquired by either of two spouses while they are married together.
During a divorce, any property acquired by any of the spouses in the duration of the marriage is to be divided equally. It is irrelevant to consider the title on the property since it is considered as marital property and should be divided equally. Of course, the list is very exhaustive.
Note that, the nature of the property or the title in question might determine whether the property is marital or non-marital.
For instance, if a retirement plan is under one spouse, it is subject to equal division if it was acquired during the marriage.
Protect What's Rightfully Yours
As mentioned above, a good example of non-marital property is inheritance.
Therefore, if a spouse inherits money before or during the marriage and chooses to keep it in a self-titled account, this is outright non-marital property. It is good to know that in some cases, some actions might deem non-marital property to be marital but it is entirely dependent on the actions of the owner. This is referred to as transmutation.
The law regarding this particular aspect might be very complex and that is why it is important to seek legal counsel in the event of such issues.
Choose a divorce attorney, such as ours, who is well-versed in the Illinois divorce law to avoid any further complications during the dissolution of the marriage.