Marital and Non-Marital Property in a Divorce

 Posted on December 00,0000 in Division of Property

During a divorce, questions often abound regarding which of the spouses’ assets will be considered marital property and, therefore, subject to division. As with most aspects of divorce, the law itself is relatively straightforward but its real-world application is often very complex. If you are considering a divorce, you should know what the law says and how it applies to your particular case.

Legal Definitions

The Illinois Marriage and Dissolution of Marriage Act (IMDMA) contains virtually all of the statutory provisions that govern the process of divorce in the state. The IMDMA specifies that, for the purposes of a divorce, marital property refers to “all property, including debts and other obligation, acquired by either spouse subsequent to the marriage,” with certain exceptions. These exceptions include:

• Property acquired by gift or inheritance;
• Proceeds from the sale or exchange of property acquired prior to the marriage;
• Property acquired by either party after a legal separation has been finalized; and
• Property excluded by a valid prenuptial agreement or postnuptial agreement between the spouses.

Application of the Law

The law that defines marital and non-marital property makes no reference to which spouse’s name is on a deed, title, or account. It merely takes into account when and how the asset or debt was acquired. This means that even though your car may be titled solely in your name, if it was purchased with normal income that you earned during the marriage, the vehicle is considered a marital asset.

Perhaps the most complicated concern regarding property division is that of retirement accounts and pensions. Many such accounts include contributions from both before and after the marriage began, making it very difficult to calculate the value of the martial and non-marital portions of the investments. Divorce cases that include these types of retirement accounts often require the assistance of outside experts who are specially trained to make complex calculations and valuations.

Work With a Knowledgeable Attorney

Determining the status of certain assets in divorce can be very difficult, but a skilled DuPage County divorce attorney can help simplify the process. Attorney Matthew M. Williams has been assisting clients throughout the region for more than 15 years and is ready to put that experience to work for you and your family. To learn more, call 630-409-8184 and schedule your confidential consultation at our office today. Let us show you the difference we can make in your case.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=0&SeqStart=6100000&SeqEnd=8350000