Which Assets Are Divided in an Illinois Divorce?

 Posted on January 19, 2021 in Divorce

As part of the transition from being married to being single that occurs in a divorce, Illinois couples are required to equitably divide all marital assets and debts. This is an issue that can lead to much conflict, and the outcome can have serious financial implications for both spouses. As such, it is important to be prepared by understanding the assets you will be expected to divide and how you can do so in a way that protects your interests.

Examples of Marital Assets

Illinois law defines marital assets as any properties that are acquired by either spouse during the marriage and before any judgment of legal separation, with a few exceptions including assets acquired by one partner through a gift or inheritance, and assets that are designated as non-marital in a prenuptial or postnuptial agreement. Some examples of marital property may be obvious, but others you may not expect. Marital assets can include all of the following:

• Bank accounts with contributions made during the marriage, whether they are joint accounts or listed under one spouse’s name
• Real estate property including the marital home, if it was acquired during the marriage
• Physical property acquired by either spouse, including vehicles, furniture, appliances, jewelry, and other valuables
• Retirement accounts, including both individual and employer-sponsored accounts, if contributions were made during the marriage
• Business assets and investments acquired during the marriage, whether they are owned by one spouse or co-owned by both.

Methods of Dividing Marital Property

It is important to note that Illinois requires an “equitable” distribution rather than an “equal” distribution, meaning that neither individual assets nor the entire value of the marital estate must be divided exactly in half between both spouses. This leaves you with options for determining the best way to divide your marital property. For example, you may negotiate with your spouse to come to an agreement that allows each of you to remain financially stable and keep properties that are important to you. You may also negotiate for spousal maintenance to offset imbalances resulting from the division of property. If negotiation is not possible, you can also take your case before the court with the assistance of an attorney.

Contact a Joliet, IL Property Division Lawyer

Whether you intend to negotiate your property division agreement or resolve the matter through a trial, The Foray Firm can provide valuable legal guidance and representation. We strive to protect your interests and make sure that the outcome of your divorce does not leave you at a disadvantage. Contact a Will County divorce attorney today at 312-702-1293.

Source:

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