Divorce is not only a hugely emotional experience, but also a very technical one as you begin to unlink your shared lives. If you and your spouse had a particularly long marriage, determining what property is separate and what is shared might be a difficult task, which is why it is crucial to have a skilled divorce attorney assist you throughout this process. Of course, it would also be a good idea to educate yourself on these matters, so here is what you need to know about determining separate and community property in your divorce:
Marital, or community property, is essentially everything you or your spouse acquired throughout your marriage. The paychecks you earned at work and used to pay household bills is considered marital property. Likewise, the car you bought and made payments on during your marriage is also community property.
Separate property is property that only belongs to one spouse and, therefore, will not end up on the chopping block when it comes to dividing property. Some of the most common types of separate property include:
- Property a spouse owned prior to the marriage
- A gift received by a spouse prior to or during the marriage
- Property acquired during the marriage in one spouse’s name, which was never used for the benefit of the other spouse or marriage
- Inheritances received prior to or during the marriage
- Certain personal injury awards
- Property that spouses agreed to be kept separate in a prenuptial or postnuptial agreement
If you are unsure which property is community or separate, consult with an attorney.
Property Division Attorneys in Illinois
Asset distribution is often a very contentious issue in divorce, which is why it is crucial to retain the assistance of an experienced Illinois divorce attorney as soon as possible. At Wakenight & Associates, P.C., our attorneys are highly familiar with state divorce laws and will help you protect your most valuable possessions during this difficult time.
Call us today to schedule a free consultation.