Going through a divorce is a challenging and emotionally charged process. One of the most important aspects to consider is the division of property. In Illinois, property division follows the principle of equitable distribution, where marital property is divided fairly but not necessarily equally between spouses. However, it is essential to understand the distinction between marital and non-marital property, as not all assets are subject to division. Below, we will explore the concept of marital property, how property is divided in Illinois, and the properties that are not subject to division upon divorce.
Marital and Non-Marital Property
Marital property refers to assets acquired by either spouse during the course of the marriage, regardless of who holds the legal title. This includes income earned, real estate acquired, retirement savings, investments, and personal belongings. Marital property is subject to division during divorce proceedings.
Non-marital property, on the other hand, consists of assets acquired by either spouse before the marriage or after a legal separation. It can also include property acquired during the marriage by gift or inheritance. Non-marital property generally remains with the spouse who owns it and is not subject to division in divorce.
Property Division in Illinois
In Illinois, property division is governed by the Illinois Marriage and Dissolution of Marriage Act (IMDMA). The court follows the principle of equitable distribution, which means that property is divided fairly based on several factors rather than a strict 50/50 split.
When determining how to divide marital property, the court considers various factors, including the following:
Properties Not Subject to Division in Illinois
While most marital property is subject to division, there are certain exceptions. Under Illinois law, the following types of property are generally not divided upon divorce:
Ensuring Proper Division of Marital Property With Glasgow & Olsson
Divorce proceedings can be complex, and it is crucial to have legal guidance to protect your interests. The attorneys at Glasgow & Olsson have extensive experience in family law and property division matters in Illinois. We can provide skilled representation and help ensure that your marital property is divided properly. Our team will work closely with you to understand your unique circumstances, advocate for your rights, and strive for an equitable outcome.