Deciding who keeps what is often one of the hardest parts of a divorce. If you and your soon-to-be ex disagree about how to split up your shared property, it is important to know how Illinois law addresses the division of assets during a divorce. At A. Traub & Associates, our Arlington Heights, IL divorce lawyers have over 100 years of combined legal experience, and we can guide you through the most difficult parts of asset division.
The Difference Between Marital and Separate Property (And Why it Matters)
In Illinois, asset division usually starts with making the distinction between marital and separate property. Marital property is generally anything you or your spouse obtained during the marriage. It doesn’t matter whose name is on the title or who made the purchase. If it was earned, bought, or built while you were married, it may be treated as marital, with some exceptions.