Marriage is like a knot, and that knot can be very tricky to untie if you are getting a divorce. One of the most difficult parts of divorce can be the division of property. Some states use community property laws, which generally treat property acquired during a marriage as equally owned by both spouses. Illinois does not use this system. Instead, marital property is divided fairly based on the facts of the case. This is called equitable distribution, but it does not always result in an exact 50-50 split.
Having a skilled attorney at your side during a divorce is critical for protecting your rights to property. At The Stogsdill Law Firm, P.C., our Wheaton, IL family lawyers have over 100 years of experience, and we are no strangers to complex, high-value marital estates.
What Is the Difference Between Marital and Separate Property in Illinois?
There are two types of property that a married couple may own: marital property and separate property. Marital property generally includes assets and debts acquired by either spouse during the marriage. It usually does not matter whose name appears on the title or account. Some property acquired during the marriage remains separate. This includes gifts or inheritances given only to one spouse and property excluded by a valid agreement. Property owned before the marriage is also usually separate.