When couples decide to end their marriage, they must also address the division of property. This can be a complicated and contentious issue, especially when large assets such as homes, retirement accounts, and businesses are involved. Understanding who owns what, accurately valuing the property, and determining a fair division of shared property can take some time. In Illinois, property division during a divorce is governed by state law, which provides a framework for equitably dividing marital property.
Marital Property and Separate Property
In Illinois, marital property is defined as any property acquired by either spouse during the marriage. This may include income, real estate, investments, bank accounts, vehicles, personal property, and pensions. If spouses cannot negotiate a fair division of property, the court will divide property for them. All marital property is subject to division during a divorce, and the court must divide it in a manner that is fair and just to both parties. This may involve selling assets, such as a home, and dividing the proceeds, or transferring ownership of an asset to one spouse in exchange for other assets of equal value.
Separate property, on the other hand, is not subject to division during a divorce. This includes property acquired by either spouse before the marriage, gifts received by one spouse, and inheritances. However, there are circumstances in which separate property may become marital property. For example, if a spouse commingles separate property with marital property, such as by depositing inheritance money into a joint bank account, it may be considered marital property.
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