Property Division

In general, any property acquired during a marriage is marital property (meaning it is the property of both parties in the marriage), regardless of who bought it, paid for it, signed for it, etc. This is an important factor to consider in divorce cases, since property division is one of the trickiest elements of family law.

There are often many misconceptions about what is considered “marital property” in divorce proceedings. Property division encompasses every aspect of the marriage – from homes to business and investments. How the title is held makes no difference. For example, if a retirement plan is accrued during the marriage, it is marital (joint) property, even if only one partner holds the title. Simply put, marital property includes any assets, debt or other acquisitions that took place during the marriage, such as:

  1. Homes and vacation property
  2. Vehicles (including recreational vehicles, like boats)
  3. Bank accounts, investments, brokerage, stocks, stock options
  4. Retirement savings and pension plans
  5. Household furniture/furnishings
  6. Businesses and business partnership collaborations

Determining Non-Marital Property

The nature of the property is the only thing that can deem it non-marital and exclude it in the division of property. For instance, if property is acquired as a gift, it is non-marital. Here are some other examples of non-marital property, as defined by Illinois State Law:

  1. Property acquired by legacy or descent
  2. Property acquired after a court judgment or legal separation
  3. Property acquired prior to the marriage
  4. Income from property that was inherited or gifted to one spouse

Both parties can also mutually agree to exclude certain property at their discretion, but you will need a qualified lawyer to handle of all these details properly. At the Law Offices of Gina G. Pattermann. P.C., we can sort through even the most convoluted property division circumstances. For more than 10 years, we’ve been helping Illinois couples come to agreeable solutions after the dissolution of marriage. Contact us to set up a free consultation today. We can also be reached by phone at (630) 493-1100.