When you are going through a divorce, you are not only separating from your ex-spouse, but you will also need to split up the assets you own together. Depending on the length of the marriage, it can be difficult to untangle your shared assets and determine who should keep what property. Here are some basic rules for how marital property is divided in Illinois:
Marital Property
During a divorce, Illinois courts only have the authority to divide up marital property. Marital property is defined as property or assets that were obtained during the marriage. Inheritances or gifts that were given only to one spouse and assets obtained before the marriage or after legal separation are considered separate assets that are not eligible for division during the divorce. However, marital and separate property may not always be so easy to define. If an asset that would have been considered separate property was used by both spouses, or if it was “commingled” with marital property, the court may consider it to be a marital asset. For example, if you earned money before your marriage but transferred it into a joint account, then it may be considered marital property.
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