Kane County Property Division Attorneys
Distribution of Marital Property Lawyers Serving Elgin and Aurora, Illinois
The allocation of marital property during the divorce process is frequently among the most challenging concerns a couple must address. For many, marriage represents the complete commingling of the lives of two individuals, and dividing assets and property in divorce can be very difficult.
At The Stogsdill Law Firm, P.C., we understand the challenges associated with the division of marital property. We have helped many clients divide marital estates of all sizes, and have the experience necessary to handle even the most complex financial situations. Our attorneys is dedicated to the protection of our clients’ rights and long-term financial security.
Defining the Marital Estate in Illinois
As an equitable distribution state, Illinois requires that a couple’s marital property must be divided fairly in divorce, not necessarily equally. However, prior to any assets being allocated to either party, the court must first determine which property comprises the marital estate and which property is to remain non-marital.
Any property acquired by either spouse during the marriage is typically considered to marital property. These assets generally include:
- Residential homes, vacation homes, investment properties, and other real estate;
- Cash held in savings and checking accounts;
- Investment accounts;
- IRAs, 401(k)s, and similar retirement savings;
- Household furniture, artwork, and antiques;
- Cars, trucks, motorcycles, and boats;
- Stock options and investment shares;
- Businesses and related interests; and
- Jewelry and other valuables.
The presumption of marital property usually supersedes the named ownership of the asset, if it was acquired during the course of the marriage. A certificate of deposit, for example, held in the name of a spouse but funded with marital income is part of the marital estate and subject to distribution upon divorce.
Kane County Non-Marital Property Attorneys
Anything not included in the marital estate is considered to be non-marital property will is not affected the asset division process. By law, non-marital property includes:
- Assets acquired before the marriage;
- Inheritances and gifts to one spouse, as long as they were kept separately during the marriage;
- Property obtained with non-marital assets;
- Assets acquired subsequent to a legal separation; and
- Property designated as non-marital property by a valid prenuptial or postnuptial agreement.
It may be possible for a non-marital asset to become marital property based on the manner in which it is held, used, or commingled with the marital estate. The law regarding such concerns can be very complex, and our team can help you understand how it may apply to your situation.
If you are considering a divorce and would like to know more about the division of marital property, contact The Stogsdill Law Firm, P.C. at 630-462-9500630-462-9500 to schedule a consultation. We will work with you to answer your questions and help you understand how to protect your rights throughout the process. From our office in Wheaton, Illinois, we are proud to serve clients in Aurora, Batavia, Elgin, Elburn, Geneva, St. Charles, and the rest of Kane and DuPage Counties.