When people divorce, the courts will review how their marital property is divided. In Illinois, that means the property should be divided equitably (which may not be the same as equally).
But what is considered a marital asset and what is not?
Simply put, a marital asset is something purchased with marital funds (money) during the course of the marriage. The major exceptions to this are things one spouse receives as a gift or inherits.
A common misconception of divorcing couples is this: If only one spouse is listed on the title of something they do not consider this a marital asset.
An example of this error: Since husband is the only one on the title of the house, he should get all of the equity in the house when the parties divorce.
Being listed on a car, or boat, or house is not qualifies the asset as marital property or not. Any asset either party acquired during the marriage is considered marital property,
But the same thing goes for marital debt!
Another thing to possibly divide are pensions, retirement funds, IRAs, 401Ks. This is especially relevant in Chicago because many people work in jobs where they receive pensions. Dividing pensions may mean you will have to obtain a Qualified Domestic Relations Order in addition to your Divorce Order.
Kubik Legal can help financially untangle divorcing parties.
Contact Kubik Legal to set up a free 15-minute phone consultation for your Chicago or Chicagoland divorce, child custody, or child support case. Here's how...