People going through the divorce process in Illinois typically realize that all of the assets they acquired during the marriage will likely end up decreasing by half. This is because each of the spouses is to receive his or her fair share of the couple’s marital estate. Common concerns, however, are how to differentiate nonmarital and marital assets, including retirement plans, during divorce.
Marital property in Illinois includes any debt and asset that was obtained during the marriage. However, there are some exceptions, including any property that one spouse got as a gift, as well as inherited property. Making matters more complicated is when nonmarital property has been commingled with assets that are considered to be marital property.
Examples of marital property include real estate, such as houses, and corporate and business interests. Marital property also includes investment and savings accounts, stock options, deferred compensation and credit card debt. Retirement benefits that the spouses earned while they were married are also classified as marital property.
The equitable property division standard is used in Illinois. This usually means a couple’s marital assets will be divided 50-50. However, a judge might determine another division to be more appropriate given the circumstances surrounding the case. Sometimes a couple may agree for one spouse to get a bigger portion of their marital assets in exchange for waiving spousal maintenance. With proper legal guidance, both individuals going through a divorce can fight for their fair share of assets while taking into consideration the other party’s wishes.