If you are considering divorce, you may be worried about how you and your spouse’s combined property will be divided. You may have seen television or movies where a spiteful spouse takes their former partner for everything, leaving the other spouse destitute. Luckily, the reality of property division during divorce is much more reasonable. Illinois courts distribute property and assets according to “equitable distribution” laws, which means that although property may not be divided 50/50, it will be divided justly.
What Is Considered Marital Property?
Not every asset that a spouse owns is eligible to be divided during a divorce according to Illinois laws. Only marital property, which is most property acquired during the marriage, will be equitably allocated between the spouses. This is not as simple as it may seem, however. For example, if a person is awarded a cash inheritance from a deceased relative, this money is considered separate property. It cannot be divided up during divorce. However, if the individual adds that money to a joint banking account or uses it to pay family bills, it becomes marital property and therefore is subject to division.