The divorce process is different for every couple because it is extremely personal. Many elements impact what your divorce looks like, including whether you have children and how many assets you have separately and together. To understand the division of assets, you first need to know how Illinois law differentiates between separate, also known as non-marital, and marital property. A DuPage County, IL asset division attorney can help you navigate the process, which is especially useful if you have a complex portfolio.
How Does Illinois Law Define Marital Property?
The Illinois Marriage and Dissolution of Marriage Act addresses the characterization of marital and non-marital property. In general, everything you acquire together as a married couple would be marital property. This includes income, assets, and debts. As an equitable distribution state, these assets will be divided based on consideration of certain factors, including your contributions to the property. Common examples of marital property include bank accounts, real estate, and vehicles.