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Wheaton divorce attorneysThere are many reasons why people get divorced, and one of the most common is financial issues. Arguing over money or frivolous spending can cause a couple to grow apart. In some cases, it may destroy trust and result in the end of the marriage. During the divorce proceedings, anything the spouses owned together will need to be divided between the spouses. This is referred to as the division of marital assets and property. Certain assets might be in the form of retirement accounts, pension plans, or other investments acquired by one or both spouses. However, splitting these types of assets is not as easy as tangible items such as a house, furniture, or vehicles. The process can be complicated, so it is important to understand how they will be distributed according to Illinois divorce law.   

What Is “Equitable Distribution”?

In Illinois, marital property is just about anything the couple acquired during the time they were married. This is different from non-marital property, which are items or assets that one of the spouses owned prior to the marriage. Gifts and inheritance also fall into the non-marital or separate property category. 

Under Illinois law, “equitable distribution” in a divorce means that all the marital property will be divided between the spouses in a fair or equitable way, but not necessarily completely in half. Therefore, it is important to determine what portion of the retirement savings is considered to be marital property and subject to division during the divorce.

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