Under Illinois law, international property acquired during marriage is not exempt from division during divorce proceedings. However, navigating the division of assets is more complex for couples with businesses, real property holdings, and retirement savings overseas. Issues can arise in practical enforcement, and cooperation with foreign legal systems is required. A Naperville, IL high net worth divorce attorney with experience in cases involving international asset division can help address these challenges to protect your right to a fair divorce decree.
How Does Illinois Law Handle Property Division?
Illinois statute 750 ILCS 5/503 from the Illinois Marriage and Dissolution of Marriage Act addresses the disposition of property and debts during divorce proceedings. Provision 5/503(a) defines marital property as all assets and debts acquired during the marriage by either spouse. Exceptions include: