Is Everything I Earned During My Marriage Considered Marital Property in Illinois?
DuPage County Divorce Lawyers Help Explain Marital and Non-Marital Property
All of the income that you and your spouse earn from working during the duration of your marriage will, in fact, be considered marital property. Of course, there can be exceptions to this rule if there was a prenuptial or postnuptial agreement in place specifying otherwise.
At Mirabella, Kincaid, Frederick & Mirabella, LLC, we can help explain what other exceptions there may be to understand what property types are considered marital or non-marital. Before the courts will do a division of the property, they identify whether it was obtained before or during the duration of the marriage. Here is a list of examples for the most common forms of marital property that will be divided in the marriage:
- Any bank, investment, or brokerage accounts
- Vehicles owned by the spouses
- Homes and vacation homes
- Stocks and stock options
- Household furnishings and furniture
- Pensions or retirement plans
Many people often believe that the main deciding factor when establishing if property is marital or non-marital is if the property was acquired prior to the marriage. However, if the owner transfers funds from a non-marital bank account into a marital bank account, the funds can become commingled. Here is a list of other common forms of non-marital property:
- Property excluded by valid agreement of the parties
- Any gifts received solely for you and not your spouse
- Assets acquired by inheritance, legacy, or descent
- Assets acquired in exchange for property owned before marriage
Dividing property in the divorce process can easily become complicated and upsetting, which is why capable representation should be at your side to guide you through the proceedings. At Mirabella, Kincaid, Frederick & Mirabella, LLC, we have decades of experience with divorce and family law. Please contact our office so that we can help you make this portion of your divorce as easy as we possibly can. You can reach our office at 630-665-7300.
