Are All of My Assets Subject to Division if I Get an Illinois Divorce?

 Posted on January 21,2021 in Property Division

If you are like the majority of people, divorce is the absolute last thing on your mind when you are standing at the altar, ready to say, “I do.” Unfortunately, statistics show that a fair amount of marriages still do end in divorces. According to data from the National Survey of Family Growth, an estimated 22 percent of first marriages will experience divorce or separation within the first five years of the marriage. That chance increases the longer you are married, with an estimated 53 percent of first marriages ending in divorce or separation within 20 years of marriage. A divorce involves many areas of your life, with one of the biggest aspects being finances. Often, an area of contention between spouses is how property will be divided, which is why it is recommended that you consult with an Illinois property division attorney to ensure you know your rights.

Marital and Nonmarital Property

Before anything is determined or allocated, the first distinction that will be made about your property is which of it is actually subject to division. Unlike other states, Illinois is not a community property state, but rather functions on the idea of an equitable division of assets when it comes time to divorce. As such, the state makes a distinction between nonmarital property, which is not subject to division, and marital property, which is subject to division.

As defined in the Illinois Marriage and Dissolution of Marriage Act (IMDMA), marital property includes any property that is acquired by either spouse after the marriage is entered and before the date that the divorce petition is filed. However, there are some exceptions to property acquired during the marriage that can still be considered nonmarital property. The IMDMA states that nonmarital property can include:

• Property acquired by gift, inheritance or descent, or other assets acquired in exchange for such property

• Assets obtained in exchange for property that was acquired before the marriage

• Property obtained by either spouse after a judge has granted a legal separation

• Property that is excluded by a valid agreement between both spouses, such as in a prenuptial or postnuptial agreement

Contact Our Will County Property Division Attorneys 

Nobody ever plans to get a divorce, but the resourceful attorneys at the Law Office of Ronald L. Hendrix, P.C. aim to make your divorce process as smooth as possible. Our knowledgeable Joliet property division lawyers are here to make sure you are aware of your property rights when it comes to your divorce. We are committed to making sure we negotiate the best settlement possible for you during your divorce. To schedule a free consultation and learn more about your options, call our office today at 630-355-7776.

Sources:

https://www.cdc.gov/nchs/nsfg/key_statistics/d.htm#marriage

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59