A Guide to Marital Property in Illinois

 Posted on February 18,2022 in Divorce

If you are going through a divorce in Illinois, you are likely concerned about what will or will not be considered marital property for the purposes of asset division. Division of marital assets works a little differently in Illinois than it would in a community property state. Rather than dividing marital assets equally (50/50), assets are divided equitably, or in a manner that is fair to both parties. The first step is usually determining what is and is not a marital asset for purposes of equitable division. If you are going through a divorce, it is important to be represented by your own legal counsel. 

What is Marital Property in Illinois?

Most property purchased, earned, or acquired during the marriage would be considered marital property, even if the title is in only one spouse’s name. Common examples of marital property include: 

• Accounts - This includes bank accounts, retirement savings accounts, and investment accounts. 

• Real estate - This includes the marital home as well as any properties the couple may rent out and profit from. 

• Vehicles - Regardless of who drives them and whose name they are in, vehicles purchased during the marriage are subject to equitable division. 

• Furniture - This can be particularly important when a married couple has purchased a significant amount of new furniture to use in their home or other properties. 

What is Not Marital Property in Illinois?

In general, a spouse’s separate property includes anything they already owned before the marriage as well as certain funds or items they acquired during the marriage. Separate property not subject to equitable division may include: 

• Pre-existing property - If you already owned your vehicle or other items, such as furniture, it may be considered nonmarital property during divorce. 

• Gifts - Gifts given to only one spouse, such as a birthday present, belong only to that spouse. 

• Inheritance - Inheritances received by one spouse alone during the marriage is generally not marital property. The individual who left property to one spouse likely intended it to belong to them only. 

• Legal awards - Any judgments or settlements, like damages awarded after a personal injury lawsuit, are the separate property of the spouse who won them. 

Also, any property the couple agreed would be kept separate in a valid prenuptial or postnuptial agreement would not be subject to equitable division. There can be some gray areas between what is or is not marital property, so if you are uncertain it is best to consult a qualified lawyer. 

Call a Kane County Divorce Attorney

If you are going through an Illinois divorce, Serrano Hanson can help. Our skilled Geneva divorce lawyers will strive to make sure that you are awarded your fair share of marital assets. Call 630-844-8781 for a consultation. 

Source: 

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm