Question By: All property acquired by couples in Illinois after the marriage and before a dissolution of marriage judgment is passed is presumed marital. This includes non-marital assets that are co-owned by the couple. There are certain exemptions – if a spouse got an inheritance or any property as a gift, it would remain their property, not marital property.
Equitable Distribution of Marital Property
An equitable distribution of marital property means the courts attempt to divide property fairly between spouses based on specific factors or criteria.
For example, the court might consider incomes for both spouses, their individual financial situations, or what might have prompted the divorce (e.g., claims of adultery). In community-property states, on the other hand, equal distribution gives both spouses a 50/50 share in marital property.
Dividing Marital Property in Community Property States
In community property states, dividing marital property is usually less complicated than in equitable distribution states. That's because the basic premise here is that all of a couple's marital property will be equally divided between them, subject to any exceptions in the state's law. The same rule applies to income and debts: Each spouse owns half of the income the other spouse earned during the marriage, and debts that either spouse incurred during the marriage are generally considered joint debts.
Marital property assets acquired might include:
-
Bank account
-
Investment accounts
-
Retirement savings
-
Money and property
-
The marital home
Contact the Law Office Of Fedor Kozlov For A Consultation Today
Navigating through divorce, separation, and marital asset division can be physically and emotionally challenging.
Visit https://lawyer-il.com/frequently-asked-questions-about-marital-property-in-illinois/#Q-What-is-marital-property for more details.
Answer By: