When two partners file for divorce, they can expect to face a lot of complicated questions and strenuous processes. One of the most complex aspects of getting a divorce is having to divide the assets that two spouses once shared.
From bank balances and investments to vehicles and houses, there is a lot to consider when it comes time to analyze the assets and determine who will receive ownership of which assets. One very important asset that couples are often perplexed by is inheritance.
What is Considered Marital Property in Illinois?
There are two types of property to be aware of in an Illinois divorce: marital property and non-marital property. Marital property refers to any and all assets that were acquired at some point after the marriage was official. In other words, marital property is any property that you and your spouse acquired together while married.
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