When you say, “I do,” the last thing on your mind is one day getting a divorce. Unfortunately, divorce is a reality that many Chicago couples face. Divorce can be simple or a messy, drawn-out process. Once the difficult decision to get divorced has been made, the parties must define marital versus non-marital property in Illinois in order to divide all assets fairly and equitably. Thanks to our skilled divorce attorneys, this process of dividing assets and debts doesn’t have to be as complicated as it seems.
Just as it sounds non-marital property and debts consists of all property, including debts and other obligations, that were acquired by either of the spouses before the marriage took place. However, anything that relates to a retirement plan, has both marital and non-marital characteristics that would be considered in the property division. Property that was acquired shortly before the marriage, such as a home purchased in contemplation of marriage, is considered to be non-marital.
Non-Marital Property in Illinois
Determining non-marital property can be difficult, but our Chicago divorce attorneys are here to help. Here is a list of non-marital property in Illinois:
- Property that was acquired by one spouse by gift, legacy, or descent
- Property acquired by one spouse in exchange for property that spouse acquired before the marriage
- Property that was acquired by a spouse after legally separating
- Property excluded by a valid agreement, such as a prenuptial agreement
- Property that was acquired before the marriage
- Income from any type of non-marital property if it is not attributable to the personal effort of a spouse
- Property that one spouse acquired before the marriage began
- The increase in value of non-marital property, regardless of whether or not the increase results from a contribution of marital property, non-marital property, the personal effort of a spouse, or otherwise, subject to the right of reimbursement.
Coming to an agreement on your own about how property is divided can be confusing and exhausting. There are many details and conditions in family law that you may not know or fully understand. During these stressful times, reach out to our law firm in the Chicago area. Our team will be dedicated to your challenges and help you through every step of the way.