What Is Marital Property Versus Non-Marital Property in Illinois?

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What Is Marital Property Versus Non-Marital Property in Illinois?

Dividing Assets in Elgin and St. Charles, Illinois

In an Illinois divorce, it is crucial to know the difference between marital and non-marital property so that the marital estate can be divided equitably. According to Illinois law, marital property includes any assets acquired by either spouse during the course of the marriage, with limited exceptions for property acquired as a gift or an inheritance.

The Illinois Marriage and Dissolution of Marriage Act (IMDMA) provides that, during a divorce, all marital property is to be divided between the spouses in a manner that is fair and equitable. Equitable does not necessarily mean equally, and the court will determine how to allocate the marital assets based on the consideration of a number of statutory factors. Before the property can be divided, however, the marital assets must be identified as such.

Identifying Marital Property

At Pucci Pirtle, our experienced attorneys understand that classifying marital and non-marital property can be complicated in many cases. Marital property often includes assets such as the marital home, vehicles, furniture, jewelry, and cash savings that either spouse accumulated or the couple purchased together during the marriage. It is important to remember, however, that retirement accounts, business interests, stock options, and other assets may also be considered part of the marital estate if they were acquired while the couple was married.

No matter how large or how small your marital estate may be, our team is equipped to help you properly identify which assets should be subject to division in your divorce. We are prepared to work with real estate appraisers, financial advisors, and tax professionals to determine the true value of your assets to ensure proper distribution.

Call 847-426-1866 for an Initial Consultation

If you are facing if a divorce and have questions regarding your marital estate, contact our office. Call 847-426-1866 for a confidential consultation with an experienced divorce attorney at Pucci Pirtle. With three convenient locations, our firm is proud to serve clients in Elgin, St. Charles, Aurora, Batavia, Geneva, and the rest of Kane County.

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