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Naperville IL marital property division attorneyGetting a divorce often makes people feel like they are diving into the great unknown. From the moment you and your spouse make the decision to split up, there are many changes that should be anticipated. Some of the biggest changes that take place during a divorce have to do with your finances and how your assets are distributed. The Illinois Marriage and Dissolution of Marriage Act (IMDMA) states that each spouse is supposed to get an equitable share of the marital estate, which may not always work out to be an equal share. However, when it comes to certain assets, such as those obtained through an inheritance or family wealth, property division can become tricky because each situation is different from the next.

Determining Your Marital and Non-Marital Property

Prior to actually dividing any of your property, your attorney will want to determine which of your properties are marital assets and which are non-marital assets.  According to the IMDMA, in general, any asset acquired by either spouse prior to the marriage is considered to be non-marital property that is not subject to division during a divorce. Any asset that is acquired by either spouse during the marriage is considered to be marital property, which is subject to division during a divorce. There are a few exceptions to the marital property rule, however. Assets that are obtained during a marriage can be considered non-marital property if the asset:

  • Was given as a gift, acquired by legacy or descent, or acquired in exchange for such property

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