Classifying and Dividing Marital Property in a Divorce

Division of marital property and assets is one of the most important issues in divorce and has the potential to impact you for years into the future. At Women’s Divorce and Family Law Group, our Chicago divorce attorneys break down the process of classifying and dividing marital property into four easy-to-follow steps. 

Four Steps to Classifying and Dividing Property in Your Illinois Divorce

Marital property division concerns your rights regarding any property or assets earned, acquired, or accumulated over the course of your marriage. Under the Illinois Statutes, marital property is divided on an equitable basis, meaning that rather than splitting everything equally between you and your spouse, a variety of factors are considered before reaching a settlement or final court order. Even in relatively uncomplicated divorce proceedings, marital property division can be complex. The following are four important steps to follow in this process:

1) Identify all the property you and your spouse possess.

Make a complete inventory of all property and assets you and your spouse possess. This includes anything owned individually, as well as items owned as a couple. This includes homes, land, cars, furniture, antiques, artwork, jewelry, or other collectibles, as well as money in financial accounts, shares in businesses, inheritances, and retirement benefits. 

2) Determine whether it is marital or premarital property.

Once you have a complete inventory of all property, you will need to make note of when and how it was acquired. Marital property division only applies to those items accumulated during the marriage and certain assets, such as individual inheritances, are excluded. However, if funds were commingled in joint accounts or you contributed to your spouse’s premarital business, you may be entitled to a share. 

3) Get an accurate value for all property.

It is important to get an accurate estimate of all pre and post-marital property, as this will factor into any marital property settlement or final order. In addition to the current value, consider what the item might be worth in the future. 

4) Consider factors that are likely to influence how marital property is divided.

Once you have an accurate estimate of all marital property, you can consider factors that may influence how it will be divided. For example, if your spouse has a special collection, they may be willing to trade other items with you. Consider whether you can afford to maintain certain items, such as the family home, and Internal Revenue Service tax implications, such as with retirement benefits. 

Discuss Your Options With Our Chicago Divorce Attorney

For trusted legal guidance in classifying and dividing marital assets in a divorce, reach out to Women’s Divorce and Family Law Group. Contact our Chicago divorce attorneys and request a consultation today.