Question By: In Illinois, marital property is divided according to the principles of equitable distribution during a divorce. Equitable distribution means that marital assets and debts are divided fairly, but not necessarily equally, between the spouses. The court considers various factors to determine a fair division, including the duration of the marriage, each spouse's contribution to the marital estate, the financial circumstances of each spouse, and any agreements reached between the parties.
Marital property in Illinois generally includes assets acquired during the marriage, regardless of whose name is on the title or account, as well as any debts incurred during the marriage. This can encompass a wide range of assets, such as real estate, vehicles, bank accounts, retirement accounts, investments, and personal property.
However, certain assets may be considered separate property and not subject to division. This includes property acquired before the marriage, gifts and inheritances received by one spouse during the marriage, and property specifically excluded by a valid prenuptial or postnuptial agreement.
Their Illinois property and asset division lawyers at Bruning & Associates, P.C. can review your case and advise you on attaining the best result in your divorce. For more details, visit: https://bruninglaw.com/how-is-marital-property-decided-in-an-illinois-divorce/
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