One of the most contentious issues in an Illinois divorce is the division of assets. Assets are considered either marital or nonmarital, but it is not always easy to determine which category an asset falls into. What if you owned a home before getting married and the mortgage was always in your name, but your spouse helped you make payments on it throughout the marriage? What if you inherited $10,000 from your grandfather, but placed it into a bank account that you shared with your spouse?
In this blog post, we will examine the difference between marital and nonmarital assets and the factors that can help a judge determine how assets are categorized. The terms “assets” and “property” mean the same thing and are used interchangeably. Keep in mind that this article is not meant to be legal advice and that the best way to obtain a satisfactory asset division in your divorce is to hire an experienced divorce attorney.
What is Considered Marital Property in Illinois?
Generally, marital property is any asset, whether liquid (such as a savings account) or illiquid (such as a home) that was acquired during the marriage. Whether one spouse had his or her name on the title is not usually important if spouses acquired, jointly used, or jointly paid for the asset during the marriage. Common examples of marital property include:
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