If you are getting a divorce in Illinois, then it is a good idea to become familiar with the state’s property division laws. At Lois Kulinsky & Associates, LTD, we understand that it can be difficult to understand the difference between marital and non-marital property. However, understanding how the laws defines each type of property is essential when navigating your divorce.
According to the Illinois General Assembly, the court considers many factors when dividing property. It will divide property on the basis of fairness, which is determined by looking at things such as your economic situation, if you have obligations to a prior marriage, contributions you made towards the property, the involvement of children and how long you were married.
Classifying property is not as simple as it may seem. In general, the state sees all property obtained during a marriage as marital property and any property obtained before the marriage as non-marital property. However, there are many exceptions to these general classifications. For example, you owned a house before you got married, and you turned that house into your home as a couple. Later in your marriage, you sold the house and used the money gained to buy a new home. This could complicate how the house is handled in the division of property during your divorce. If you have a premarital or post-marital agreement, this could also affect property division.
Property does not just include real estate. The court will look at all types of property, which could include pension plans, investments and even debts. To learn more about property division in a divorce, see our website.