People who decide to get divorced face many unknowns, particularly when it comes to property division. When two people dissolve their marriage, the law entitles both of them to marital property. Also referred to as marital assets, marital property is anything that was acquired during the marriage. There are some exceptions to this rule, but most possessions gained after the wedding belong to both spouses.
The operative question, then, is how is this marital property divided? Who, for example, gets the family car? This article will discuss that question and the mechanics of property division. Be sure to speak with an Illinois divorce attorney if you have any questions about dividing property in an Illinois divorce.
How Is Property Divided in an Illinois Divorce?
Illinois law is relatively vague about how property should be divided in a divorce. It does, however, tell us the following: