If you are thinking about a divorce, you probably realize that you and your spouse will need to figure out a plan for dividing the property that you own as a couple. You may also understand that if you cannot reach an agreement on your own, the court will need to step in and divide your assets and debts for you. Finally, you may even know that the property division laws in Illinois are based on the principals of equitable distribution, which means that, if left to the court, your marital property will be divided in a way that is fair and just, not necessarily evenly.
Many individuals, however, are unsure about what the law considers to be marital property. Countless movies and television shows suggest that just about anything a person has ever owned—both prior to and during the marriage—is fair game in a divorce. Fictional characters are often encouraged to be wary of marriage because if it ends badly, his or her spouse will supposedly get half of everything. Assuming that the marital property was supposed to be split 50/50 in Illinois, a spouse would not be entitled to a share of anything the other party ever owned. Instead, the law provides a definition of what comprises the marital estate which, at times, can be a little complicated.
When the Property Was Acquired