The Chicago Family Law Blog

Marital Property Illinois

| No TrackBacks

You may be wondering about marital property Illinois. Unlike a lot of other states, Illinois is not a community property state. So if a couple divorces, there is not an equal split of marital property. Instead, a court will determine who gets what and how much in a case-by-case analysis.

First, you should be aware that marital property does not include all of your assets. Generally, marital property only includes the property you acquire post-marriage. So if you acquired a $100,000 bond prior to marriage, that bond is likely considered non-marital property and is not subject to division after a divorce.

In addition, some property you acquire after marriage is also considered non-marital property. This can include property acquired as a gift, inheritance, and other limited types of property.

But other than that, just about all of the property you acquire during marriage is considered marital property subject to division should you choose to end your marriage.

In dividing your marital property, a court will usually split the property according to "just proportions" based upon several factors like:

  • contribution of each party to the acquisition of the property
  • value of property assigned to each spouse
  • duration of marriage
  • economic circumstances of each spouse
  • age, health, and earning power of each spouse
  • who has custody of any children

Marital property Illinois follows a just proportions split following divorce. Because Illinois is not a community property state, it is important that you enter into divorce proceedings prepared to defend assets you feel you are entitled to. To learn about what assets you may receive, or lose, following divorce, you should contact a family law attorney.

Related Resources:

  • Find a Chicago Family Law Attorney (FindLaw)
  • Divorce and Property (FindLaw)
  • Illinois Divorce Law (FindLaw's Chicago Family Law Blog)





No TrackBacks

TrackBack URL: http://chicagofamilylawyersblog.com/cgi-bin/mt/mt-tb.cgi/25563