Dividing property during a divorce is often challenging. It can be hard to know what belongs to both spouses and what belongs to only one person. Illinois uses specific rules based on equitable distribution to decide how property should be classified and divided. You need to know the rules to ensure you end up with a fair settlement. Our team of Orland Park, IL property division lawyers can provide guidance tailored to your specific situation.
How Does Illinois Law Define Marital Property?
Under the Illinois Marriage and Dissolution of Marriage Act, the courts have guidelines to decide what is considered marital property. Under 750 ILCS 5/503, marital property includes most assets that either spouse acquires after the wedding and before the divorce is completed. This is true even if only one spouse is listed on a title, deed, or bank account. The key question is when the property was obtained, not whose name is on it.