Do You Need a Property Division Checklist?

 Posted on April 28, 2025 in Property Division

Going through a divorce is rarely easy. Challenges can still arise even when both spouses want the divorce and agree on most aspects. When both spouses cannot see eye-to-eye on virtually anything, those challenges increase, and the stress can be overwhelming. If your divorce is one of those relatively rare cases where everything appears to be going amicably, you will no doubt still have questions and concerns regarding how marital assets will be divided.   

Getting a handle on the marital assets to be divided and understanding the difference between marital and non-marital assets can make the process much easier. Separate, or non-marital assets, are those that one spouse had prior to the marriage and gifts or inheritances given to one spouse before or after the marriage. This is true unless those separate assets are commingled with marital assets or marital funds are used to make improvements or repairs.

For instance, if your Aunt Ruth gives you $50,000 as a gift, that money is a non-marital asset unless you put the money into a joint account with your spouse. If you were given a house instead of money, the house remains your separate property unless you place your spouse on the deed or use marital assets to improve the house.

Many people find that creating a checklist that outlines all marital and separate assets can ensure both spouses are on the same page, ensuring the process goes as smoothly as possible. If you have questions regarding how marital assets will be split during your divorce, speaking to a knowledgeable Wheaton, IL divorce lawyer can make a difference.   

Is Illinois a Community Property State?

Only a handful of community property states remain, with most states, including Illinois, going to equitable distribution. While community property states divide all marital assets right down the middle regardless of any extenuating circumstances, equitable distribution states divide marital assets fairly.

For example, if one spouse earned the bulk of the marital income, he or she might be entitled to more marital assets under equitable distribution laws. Conversely, a spouse who gave up education or a career to keep the household running smoothly and/or raise the children also deserves some level of compensation in the form of marital assets. Judges generally consider the following factors when dividing marital property:

• Each spouse’s income and earning capacity
• The length of the marriage
• Each spouse's contributions to marital assets
• The potential for future earnings of both spouses
• The separate assets and liabilities of each spouse
• Whether either spouse dissipated marital assets
• The future financial needs of each spouse
• The dependent care expenses for each spouse
• Whether one spouse will receive spousal support
• The tax consequences for each spouse

How Do You Create a Checklist for Marital Property Division?

A checklist should outline all marital assets so that both parties have a clear view of whether there is room for negotiation. The checklist can essentially be divided into four categories:

Real Property

Real property includes the marital home as well as any rental properties, a vacation home, or vacant land. Anything a married couple owns that cannot be moved falls under real property, which means a backyard shed and even the trees on the land are considered real property.

Personal Property

Tangible items such as electronics, furniture, antiques, jewelry, artwork, other collections, vehicles, trailers, and guns all fall under personal property. If either spouse owned any of these personal items prior to the marriage, those items will be considered non-marital property. If, however, an artwork collection significantly appreciates during the marriage, the appreciated portion could be subject to being split as a marital asset.

Financial Assets

Assets like bank accounts, retirement accounts, cash, pensions, profit-sharing, stocks, bonds, life insurance cash value, and cryptocurrency are financial assets. If one spouse had a retirement account prior to the marriage but has continued to add to the account during the marriage, then only the portion from the marriage is considered a marital asset to be split. Even when no funds are added to a retirement account during the marriage, any appreciation in the account during the marriage could be viewed as a marital asset.

Business Assets

If either spouse is a business owner or both spouses own a business jointly, the division of marital assets becomes much more complicated. A business valuation is essential to determine what the business is worth. Once that is accomplished, the spouses can look at different options.

These might include selling the business and splitting the profit, one spouse taking full ownership of the property in return for the other spouse being awarded additional marital assets, or even both spouses continuing to operate the business together after the divorce.

Debt Division is Included in Marital Property Division

Marital assets are not the only things that get divided during a divorce. The marital debts are also divided, including the mortgage on the marital home or other real property, car loans, and credit card debts. Student loans generally go with the spouse who took out the loan if it occurred prior to the marriage.

Medical debt incurred during the marriage is divided between the spouses, regardless of which spouse incurred the debt. Depending on the overall financial circumstances of a married couple, one spouse may keep the marital home (and the mortgage) in return for the other spouse getting a marital asset of roughly equal value. Unless there was a dissipation of assets on the part of one spouse, then marital debt, like marital assets, will be divided fairly.

Contact a DuPage County, IL Divorce Lawyer

Getting divorced is stressful enough without worrying whether you will be fairly treated during the division of marital assets. When you have an experienced Wheaton, IL divorce attorney from The Stogsdill Law Firm, P.C. by your side, you can rest easy, knowing your interests are being looked out for from beginning to end.

Our firm is one of the most prestigious in the area for a reason – our reputation and experience are impeccable. As a large firm with serious knowledge and experience, we have the necessary resources for those going through a divorce while keeping our practice laser-focused on our clients. Call 630-462-9500 today to schedule your initial meeting with one of our highly skilled attorneys.