Understanding Property Rights in Illinois

 Posted on April 18,2023 in Division of Property

In Illinois, the division of assets is split equitably between the two parties. However, things can get complicated when distinguishing between marital property and non-marital property. Everything that is gained and bought during a marriage may be considered to be marital property. But, under unique circumstances, what is considered equitable may vary. It may be in the parties' best interest to work together, as well as with an experienced divorce attorney who can help navigate through this process and help make sure that your property and assets are protected from division.

Property Rights

Property purchased, sold, or owned by a married couple is similar to a single person who does these things. Once a party files for divorce, the court prohibits both of them from disposing of property in any way without the court's permission. The court will decide the right way to divide the property.

Marital Property

Anything that has been purchased within marriage is considered marital property. As stated before, all marital property is split equitably between parties in Illinois. Some examples of these things are:

• Furniture
• Business interests
• Homes - including vacation homes
• Stock
• Vehicles
• Banks - investment accounts

Determining whether a property is a marital property depends on how the title is held. If there was a prenuptial agreement made before the marriage, stating what legally belongs to who, those assets may be listed as non-marital property.

Non-Marital Property

There are a few examples of non-marital properties:

• Gifts, descents, or legacy
• Assets obtained by a spouse after a legal separation
• Assets bought before the marriage
• Assets excluded in an agreement set before the marriage
• Assets gained by an exchange of property

It is important to note that when deciphering between marital and non-marital property, that there was no blending of assets during the marriage. If this did occur, this can make it much more difficult to decide what assets belong to who, and what is actually considered marital assets.

Contact a Kane County Divorce Lawyer

Property division is a contentious element within an Illinois divorce. It can be challenging to understand, and it can be in your best interest to work with an experienced divorce attorney. At the The Law Office of Matthew M. Williams, P.C., we can help you ensure your property and assets are protected from division. Contact an Aurora divorce attorney today at 630-409-8184 and arrange an initial consultation. You do not have to figure these things out alone.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=555&ChapterID=7