Divorce can be a complicated process, especially when it comes to dividing assets. In Illinois, property division depends on whether the court classifies property as marital or nonmarital. Knowing the difference between these two categories can help you get a feel for what might happen during your divorce.
What is marital property?
Marital property includes assets and debts acquired during the marriage. This can be anything from your home, cars, and bank accounts to retirement funds and investments. Even if an asset is only in one spouse’s name, it is still marital property if one party obtained it during the marriage. In Illinois, the court divides marital property equally, which means fairly, though not necessarily equally.
What is nonmarital property?
Nonmarital property consists of assets and debts that belong to one spouse individually. This type of property is usually something one party has before the marriage. It can also include gifts or inheritances received by one spouse during the marriage.
If you owned something before getting married and kept it separate from marital assets, it remains yours. Additionally, any income or assets from that property also count as nonmarital, making it challenging to divide during a divorce.
How to distinguish between marital and nonmarital property
Keep records of property owned before the marriage and any gifts or inheritances received. If nonmarital assets get mixed with marital assets, the court may consider them marital property. For example, if you deposit an inheritance into a joint account, it might lose its nonmarital status.
Navigating property division with clarity
Understanding the difference between marital and nonmarital property is crucial in an Illinois divorce. Each situation is unique, and the specific circumstances of your marriage and assets will play a significant role in determining the outcome.