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The Division of Property in Divorce

Property Division

The division of property in a divorce can be simple or complex, depending on the assets involved, when they were acquired and how they were co-mingled. Some couples are able to come to agreement on which belongings, finances and assets will go to whom. Others cannot agree on the simplest of items. Some people want no reminder of their marriage through physical assets and others want to keep everything.

Whenever financial assets or assets with value are involved, it is important to have legal guidance on how those assets are divided. The general rule is that assets acquired during the marriage and before the order of dissolution are considered marital assets, regardless of how the title is held. (750ILCS 5/503) However, when gifts, inheritances, pensions, home equity, stock options and pre-marital assets are involved, the counsel of an experienced divorce attorney is critical to ensure you are protected.

Assets considered non-marital property include:

1. Property acquired by gift, legacy or descent, such as inheritance;
2. Property acquired in exchange for property acquired before the marriage or in exchange for property acquired by gift, legacy or descent;
3. Property acquired by a spouse after a judgment of legal separation.
4. Property excluded by valid agreement of the parties, such as in a prenuptial agreement;
5. Any judgment or property obtained by judgment awarded to a spouse from the other spouse;
6. Property acquired before the marriage;
7. The increase in value of property acquired by a method listed above.

Dividing the assets you and your spouse have worked hard to accumulate can be a difficult and emotional process.