When couples decide to divorce, the assets they have accumulated during their marriage are usually shared. The pair accumulates wealth both together and separately throughout their marriage. When the time comes to share the property, the parties must divide it in an equal manner.

Marital property is categorized in two sections:

• Marital property
• Separate property 

How Does Separate Property Work?

Each spouse may own separate property in addition to marital assets.

Here is a list of items listed under separate property:

• Any marital property can be legally excluded if both spouses agree (known as prenuptial)
• Individually inherited property from a third party
• A single-person donation of real estate
• Assets amassed before marriage
• Personal property acquired during the divorce

Any property bought before marriage is considered to be owned by the person who obtained it. When a spouse is given property as a present or a gift, they retain ownership of that property.

In Illinois, it is also possible to have hybrid property, which consists of two or more pieces of real estate purchased separately and then actively updated by both parties for financial gain. To determine each spouse's proportionate share of a hybrid property, the court employs specific formulas.

How Marital Property and Separate Property work in Illinois

Marital property is defined as property acquired with marital funds. It is considered separate property if a spouse owned the property prior to getting married or got it as a gift, or inherited it during the marriage. Separate property can be changed to marital property if both couples sign a formal agreement and vice versa. A prenuptial or postnuptial agreement allows couples to define whether a specific property is separate or marital in a written agreement before or during the marriage.

By merely altering the title from individual to joint ownership, a spouse can turn separate property into marital property. In this situation, the court will consider the action to be a gift of property to the marriage.

Dividing property in Illinois

To divide the property, the judge must first assess whether it is separate or marital property. It is also required for the judges to determine each spouse's part of the property contribution.

The following is considered:

• If both spouses made equal contributions to the property, the court might order the property to be divided based on their contributions.
• Converted or transferred. If the court determines that a single spouse developed the property, the court may order that the responsible party preserve the property.

Dividing Assets and Debts after Divorce

After determining whether an item is marital property, the couple or the court will add a financial value to it. The market value of an item can assist couples or judges in determining whether a property divide is fair and equitable.

Obtain Legal Help

Due to the emotional nature of property split in Illinois, it may be a very draining affair. Property and debt must be distributed evenly between couples because marriage is a revocable act. As a result, you should seek a competent attorney with extensive legal understanding who will advocate for fair property distribution. You can find help and more information at https://jimhoppe.com/.