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Chicago Divorce Lawyers / Blog / Divorce / “Marital Property” and “Non-Marital Property” in Chicago Divorces – What Do These Terms Mean and Where Can You Go for Legal Help with Your Chicago Divorce?

“Marital Property” and “Non-Marital Property” in Chicago Divorces – What Do These Terms Mean and Where Can You Go for Legal Help with Your Chicago Divorce?

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One of the things that married individuals who are interested in the divorce process or who are actively seeking a divorce may be concerned about is what will happen to all of the property, assets, and debts that have been accumulated throughout their marriage? Indeed, one of the most challenging, most complex, and most important and controversial issues in a Chicago divorce is how exactly the couple’s property will be divided when the divorce decree is signed and when all is said and done. For some couples, the division of these assets is simple: perhaps there is a car, a home, and a few bank accounts. For other, high-net worth couples, there may be businesses, multiple rental homes and vacation properties, stock and retirement accounts, pricey assets, and a garage full of cars to divide out.

Two of the terms that often come up in the context of a Chicago divorce when it comes to the division of property are “marital property” and “non-marital property.” But what exactly do these terms mean, and where can individuals who are facing a divorce go for legal help determining what the division of property might look like in their case, and to learn about their legal rights under Illinois laws? To help individuals in Chicago who are seeking a divorce better understand this important component of Chicago divorce laws, and learn their rights, we answer those questions here.

“Marital Property” and “Non-Marital Property” Under the Illinois Compiled Statutes 

Whether something is marital property or non-marital property will impact the court’s analysis when it comes to dividing property in a Chicago divorce. Under Illinois laws, in the context of a Chicago divorce, “marital property” means “…all property, including debts and other obligations, acquired by either spouse subsequent to the marriage, except…”non-marital property.” On the other hand, the Illinois Compiled Statutes define “non-marital property” as including property such as “property acquired by gift, legacy or descent”; “property acquired in exchange for property acquired during the marriage”; “property acquired by a spouse after a judgment of legal separation”; “property excluded by valid agreement of the parties”; “any judgment or property obtained by judgment awarded to a spouse from the other spouse” (with some exceptions); “property acquired before the marriage”; “all property acquired by a spouse for the sole use of non-marital property as collateral for a loan that then is used to acquire property during the marriage” (with some exceptions); “the increase of value of non-marital property, irrespective of whether the increase results from a contribution of marital property, non-marital property, the personal effort of a spouse, or otherwise”; and income from other certain properties outlined by the Statutes. In sum, whether something is marital property or non-marital property will impact who ultimately gets the property in a Chicago divorce. Accordingly, it is best to speak with an experienced Chicago divorce lawyer about your specific case to learn about your rights and to what property you are entitled to in your Chicago divorce.

Finding Legal Help for Your Chicago Divorce Case

If you are in the Chicago area and you need legal help with your Chicago divorce, contact the experienced Chicago divorce lawyers at Arnoux Sharma Standeford, LLC. The experienced Chicago divorce lawyers at Arnoux Sharma Standeford, LLC are here to help individuals in Chicago with their tough divorce questions. Contact Arnoux Sharma Standeford, LLC today and speak to a lawyer about your case now.

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