Divorce is a financial process as well as an emotional one. The parties must formally divide their assets as well as their debts. If they cannot come to an agreement, the issue is decided by a judge under the legal principles of equitable distribution. Here are the basics of Illinois property division:
Non-marital property
In Illinois, each party in a divorce keeps their own separate property called “non-marital” property. Non-marital property may include:
- Assets or debts that they acquired before marriage
- Gifts or bequests acquired by only one spouse during the marriage
- Property excluded by a premarital agreement
Marital property
Marital property is the term for assets and debts acquired during the course of the marriage, or sometimes non-marital property “transferred into some form of co-ownership” during the course of the marriage. The category may include items such as homes, vehicles, saving accounts and retirement plans. Marital property is divided equitably between the parties, but equitably does not necessarily mean equally mathematically. When determining the issue of equitability, a judge looks at all the factors, including:
- The duration of the marriage
- The premarital agreement, if any
- The likelihood of each party to acquire assets in the future
- The financial or other relevant contributions of each party to the marital property
Illinois property distribution laws are complex. In many cases, it is not clear whether an item constitutes marital or non-marital property. If you are facing a divorce, you need to consult with an experienced Cook County property division lawyer in order to protect your assets. Call our office today to schedule a consultation with a dedicated Illinois attorney.
Born in Havana, Cuba, Paul Chatzky is fluent in Spanish and English, enabling him to effectively represent a wider range of individuals and families. He is AV® Preeminent™ Peer Review Rated by Martindale-Hubbell®, and is listed among Illinois Super Lawyers, which is a reflection of his high ethical standards and exceptional legal knowledge. As a…
Prior to joining the firm as a paralegal, Debbie was employed by major banking institutions as a loan processor and as an executive secretary. Debbie was also employed as an administrative assistant for the Board of Jewish Education. Having majored in Sociology, Debbie graduated from the University of Florida in 1980. Debbie completed her studies…
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