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Kane County divorce lawyersIf a couple has been married for many years, the decision to divorce is not an easy one. Since a lot of time and effort was put into the marriage, it can be devastating both emotionally and financially for one or both of the spouses. The division of marital assets is an issue that needs to be determined during the divorce proceedings, which can cause a lot of conflict if the spouses do not agree on how to divide everything, especially financial assets. One or both partners might have retirement accounts such as 401K, IRA, or pension. Even in an uncontested divorce, splitting the retirement assets can be confusing, so it is helpful to seek legal counsel to make sure both spouses receive what they deserve.  

What is Considered Marital Property?

According to Illinois divorce law, any marital property will be divided fairly and equitably, but not necessarily equally. This is referred to as “equitable distribution.” Marital property is generally considered all property acquired by either spouse during the marriage. This can include real estate, furniture, and vehicles, in addition to financial and retirement accounts.

A spouse may be entitled to a portion of the other spouse’s retirement plans, such as a 401(k), IRA, stock options, or pension benefits, and vice versa. If a spouse pays into a retirement account or a pension during the marriage, at least part of that account or pension is considered marital property, regardless if only one spouse’s income was paid into the account. All pension benefits, including those under the Illinois Pension Code, as well as stock options, acquired by either spouse during the marriage are marital property, regardless of which spouse participates in the pension plan.

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Posted on in Divorce

Kane County prenup lawyerWhen two people get married, they pledge to spend the rest of their lives together. Sometimes it does not work out that way, and they want to get a divorce. Couples who enter into divorce proceedings may worry they will be left with nothing. If that is a concern you have prior to getting married, it may be beneficial to craft a prenuptial agreement.

The need for a prenup can vary depending on the couple and the state in which you live. Illinois law divides property equitably, which does not necessarily mean equally. Equitable division of property looks at numerous factors to determine what is fair to both parties. A prenup can be used as one of the factors which determines how the court will divide property and debts during a divorce in Illinois.

Each couple’s situation is different, so it is a good idea to take stock of your finances if you are considering a prenup agreement. You will need that information for the agreement anyway, and it can be a helpful exercise to fully understand the breadth of your financial situation.

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West Dundee divorce property division attorneyIf you are considering entering into divorce proceedings, you may be wondering what will happen to the property you own. Each state has its own laws that determine how to divide property in a divorce. In Illinois, the law states that property must be divided in an equitable, but not necessarily equal, manner. Before the court can make the decision regarding how to divide the property, the property first needs to be divided into two categories: marital property and non-marital property. 

Marital Vs. Non-Marital Property

Marital property includes any property or debts that were acquired during the course of the marriage by either spouse. The types of property that are considered marital assets may vary widely. The scope of what is and is not marital property does not stop at large purchases; it can be any type of physical property or financial assets that the couple has in their home or elsewhere. However, some assets may not be considered marital property even if they were acquired during the marriage, such as if the item was a gift or inheritance. 

Most non-marital property consists of assets that were acquired by either spouse before the marriage. However, non-marital property can also include property received in exchange for other property which was acquired before the marriage, property acquired by a spouse after a legal separation, or property not included as marital property because of a legal agreement between the spouses (such as a prenuptial agreement). 

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