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.
First, any property acquired by any of the spouses in the duration of the marriage is 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. Here are some examples:
• Homes (vacation or residential)
• Stock options
• Retirement plans and pensions
• Brokerage, investment and bank accounts
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.
Non-marital property according to Illinois law can be defined as the following:
• Any property acquired by either spouse as a legacy, inheritance or gift
• Any property exchanged for another property acquired by any of the means mentioned above or for property acquired before the marriage
• Property acquired by the spouse after legal separation has been granted
• Property excluded from division if the two parties have signed a legal agreement (prenuptial agreement)
• If judgment on the dissolution of the marriage results in property being awarded to either spouse
• If the property was acquired by either spouse before the marriage
• Any increase in the value of property by any of the methods mentioned above
• Lastly, any income from property acquired by any of the above methods especially if the income cannot be attributed to the personal effort of anyone in the marriage.
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.