What Property is Considered Separate in an Illinois Divorce?

 Posted on June 27, 2022 in Divorce

The first step that most couples take during the divorce process is to begin negotiations on who will receive what assets and property after the marriage is dissolved. However, it is helpful to understand what property is considered joint property and subject to division, and which is separate and will remain with each individual. Illinois law provides definitions of whether property is marital or separate. Disagreements between divorcing couples over what is joint and separate property is common, so it is essential that you work with an experienced property and asset division lawyer to protect your interests.  

Marital Property and Separate Property in Illinois

Generally, all property that the couple acquired during their marriage is considered joint marital property and subject to equitable division during a divorce. To be considered separate individual property owned by just one spouse and not subject to division, the property must fall into one of these categories:

• Property that was acquired by one spouse before the marriage

• Property that one spouse acquired as a gift or through an inheritance

• Any property that was acquired in exchange for property acquired before the marriage or through a gift or inheritance

• Property that the couple agreed to specifically exclude from the marital estate in an agreement signed by both of the parties, typically a prenuptial or postnuptial agreement

• Property that one spouse acquired after the couple had legally separated

• Any judgment or property obtained by judgment that one spouse received in an award from the other

Any increase in value by any of the properties listed above is also considered separate property unless that increase can be attributed to the work of the other spouse. In that case, the other spouse may receive reimbursement for their contribution to the increase.

If property or proceeds from the sale of property that was separate are mixed with marital assets, for example, they were deposited into a joint checking account, the property or assets are considered commingled and become marital property and subject to equitable division.

Contact a Joliet Martial Asset Property Lawyer

For legal help during your divorce, including the division of marital property, contact the Will County divorce lawyers at the Law Offices of Tedone and Morton, P.C.. To schedule your free initial consultation, call our office at 815-666-1285 today. Receiving your fair share of marital property and assets is incredibly important. We can provide you with the guidance to reach a solution on property and asset division during negotiation or mediation, but are prepared to fight for your interests in court if necessary.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000