How to Determine Marital Property in Illinois
Illinois is what is known as an equitable distribution state, so everything considered marital property is examined and divided via a “just division”.
But what is “marital property”?
In Illinois, almost anything acquired during the marriage is considered marital property, including retirement accounts or stocks that accrued funds during the marriage and will be included in the property division.
Some other typical examples of marital property include vehicles, furniture, household appliances, the home, and checking accounts.
This classification is true regardless of who in the marriage specifically holds the title to an item.
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Frequently Asked Questions
Is Illinois a community property state?
No, Illinois is not a community property state. Instead, Illinois is an equitable property state. This means that when the court has to divide property, they do it based on what they think is fair, not just 50/50 down the middle.
What is marital property in Illinois?
Marital property is property that was bought during the marriage or property that was shared during the marriage. For example, if parties bought a house together and lived in it during the marriage, that is marital property.
What is considered marital property in Illinois?
Things bought during the marriage are marital property. So often things like the house or cars or retirement accounts are marital property. However, this can get complicated because if one of those things was owned before the marriage, it may be a non-marital asset.
What is non-marital property?
Non-marital property is the opposite of marital property. It is anything that is not split in the property division stage of a divorce. Non-marital property includes anything acquired by gift or before the marriage.
Is a house owned before marriage marital property in Illinois?
Because property acquired before the marriage is non-marital property, a house owned before the marriage may not be marital property. However, if a non-marital asset is commingled, it will become marital property. Assets are commingled through shared use, so if the house is the marital home, it may be a marital asset.
References: Marital Property