Marital property in Illinois includes property acquired during the marriage, except for gifts, inheritances, or property excluded by a prenuptial agreement.
>>> Looking for a Property Division Attorney in Naperville, IL? Check out this page <<<
Understanding Marital Property
In Illinois, property is classified as either marital or non-marital during a divorce. Marital property is subject to equitable distribution, meaning it will be divided fairly, but not necessarily equally, between spouses.
Legal Context for Marital Property
Under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/503), marital property generally includes:
- Income earned by either spouse during the marriage.
- Property purchased with marital funds.
- Retirement accounts, investments, or savings accumulated during the marriage.
- Businesses or real estate acquired during the marriage.
Non-Marital Property Exclusions:
- Property acquired before the marriage.
- Gifts or inheritances received by one spouse.
- Property excluded through a valid prenuptial or postnuptial agreement.
- Property acquired after legal separation.
Example Scenario:
If a home was purchased during the marriage using joint income, it is considered marital property. However, if one spouse inherited a family heirloom, it would be classified as non-marital property.
Steps to Identify Marital Property
- Create a Comprehensive Asset List
Both spouses must disclose all assets, including real estate, bank accounts, and investments. - Determine Property Classification
Identify whether each asset is marital or non-marital based on Illinois law. - Value the Marital Assets
Assign a fair market value to each marital asset for division purposes. - Divide Property Equitably
The court considers factors such as the length of the marriage, contributions of each spouse, and economic circumstances.
How Attorneys Can Help
An attorney can:
- Help distinguish between marital and non-marital property.
- Advocate for a fair valuation and division of marital assets.
- Address disputes over specific property classifications.
- Assist with drafting or enforcing prenuptial agreements to protect assets.
Need Help with Property Division?
Call (630) 366-1760 to speak with an experienced family law attorney. We’ll guide you through the process of identifying and dividing marital property to protect your rights.
Disclaimer: This page provides general information and is not intended as legal advice. For personalized assistance, consult a licensed attorney.
