An issue many couples face is the division of marital property and how to approach this aspect of divorce. By answering, how is marital property divided in Illinois divorce, you start with the fact that you aren’t entitled to a 50/50 split, and the court requires the marital estate to be divided equitably. When beginning the division, you must identify all marital property acquired during the marriage.
What is Marital Property?
Marital property is any asset acquired during the marriage. The assets include real estate, antiques, furnishings, electronics, and automobiles. Each party is entitled to a portion of the marital estate. When starting a divorce, the couple creates a list of all marital assets and submits it to their attorney. An attorney can answer questions like “How is marital property divided in Illinois divorce?”
Are Inherited Assets Marital Property?
Assets inherited from a family member are not marital property unless the couple inherits the asset together. There are certain protections for inherited properties, family heirlooms, and wealth. However, if the couple had a prenuptial agreement that entitles either party to these assets, the state upholds these agreements. Consult Rolling Meadows divorce lawyers to learn more about inherited assets.
The Importance of Discovery
Discovery is an essential process in a divorce where all assets owned by either spouse are identified. Unfortunately, some spouses try to hide assets to avoid including these items in the divorce. The discovery process may take a considerable time to complete, but the task could be worth it.
Marital property division is an essential aspect of divorce, and the divorce agreement details how these assets are divided. Illinois divorce laws do not require a 50/50 split, but the marital estate is divided equitably.
Contact Rolling Meadows divorce lawyers at the Law Office of Fedor Kozlov, P.C. for advice.
