Cutting The Cards In Your Favor
Division of Property
Illinois courts do not necessarily divide up marital property equally (50/50) upon the dissolution of a marriage. Instead, the court will consider a number of factors and split up the marital assets according to what is “equitable.” If you are involved in a divorce proceeding or anticipate that you will soon be, it is critically important that you secure the assistance of an experienced Chicago divorce attorney in order to ensure that your rights are fairly represented throughout the divorce process.
What Is Subject to Equitable Division in an Illinois Divorce?
Any marital property is subject to equitable distribution. Marital property, simply defined, is all property that “belongs” to the marriage. This includes almost all assets acquired while the marriage was in effect. Some assets remain with the spouse that brought them into the marriage. These are called nonmarital assets. A few examples of nonmarital assets are:
Comingling of Funds and Transmutation of Assets
If one spouse comingles nonmarital assets with marital assets, the nonmarital assets may transmute into marital assets. If this occurs, the spouse whose property is transmuted may be able to get reimbursed for their additional contribution to the marital assets. This can cause some confusion and frustration in Chicago divorces.