Is Everything I Earned During My Marriage Considered Marital Property in Illinois?

DuPage County Divorce Lawyers Help Explain Marital and Non-Marital Property

During your divorce, you will need to understand how the money you have saved and the property you own will be divided between you and your spouse. All of the income that you and your spouse earn from working during the duration of your marriage will typically be considered marital property. Of course, there can be exceptions to this rule in certain situations, such as if there was a prenuptial or postnuptial agreement in place specifying otherwise.

Property Division Under Illinois Law

At Mirabella, Kincaid, Frederick & Mirabella, LLC, we can help explain what other exceptions there may be, and we will help you understand what property types are considered marital or non-marital. Before the courts will proceed with the division of marital property, they may take steps to identify whether different assets were obtained before or during the duration of your marriage. Here is a list of examples of the most common forms of marital property that will be divided during the divorce process:

• Any bank, investment, or brokerage accounts
• Vehicles owned by the spouses
• Homes and vacation homes
• Stocks and stock options
• Household furnishings and furniture
• Pensions or retirement plans

In many cases, the main deciding factor when establishing whether property is marital or non-marital is if the property was acquired prior to the marriage or during the marriage. In general, marital property consists of anything either spouse purchased or acquired after the date they became married and before the date of a legal separation. This includes income earned by either spouse, purchases made by either spouse, and debts accrued under either spouse's name. All assets or debts that are considered to be part of your marital estate will need to be divided between you and your spouse during your divorce.

Non-marital property will generally include anything you or your spouse owned before you got married, as well as assets or debts acquired after a legal separation. Here is a list of other common forms of non-marital property:

• Property excluded by valid agreement of the parties
• Any gifts received solely for you and not your spouse (or vice versa)
• Assets acquired by inheritance, legacy, or descent
• Assets acquired in exchange for property owned before marriage
• Income earned from non-marital property, such as dividends from investments or rent paid by tenants of real estate property

However, it is important to understand that non-marital property that is not kept separate from marital property can lead to complications during the divorce process, especially if there is no way to distinguish between marital and non-marital assets or debts. For example, if a spouse transfers funds from a bank account they had before getting married into a joint bank account, the funds can become commingled, and the entire account may be considered a marital asset that will need to be divided between the spouses.

Contact Our DuPage County Property Division Lawyers

Dividing property during the divorce process can easily become complicated, and it can lead to highly emotional disagreements, which is why capable representation should be at your side to guide you through the proceedings. At Mirabella, Kincaid, Frederick & Mirabella, LLC, we have decades of experience in divorce and family law. Please contact our office so that we can help you make your divorce as easy as we possibly can. You can reach our office at 630-665-7300.