In Orland Park, the courts will only divide certain types of property. More specifically, most property that was acquired during the marriage is subject to division while property obtained before the marriage is generally considered separate. This makes it critical to correctly classify any assets.
A well-versed division of assets lawyer can help you understand how property is divided in Orland Park. We can then guide you through the process of classifying property while advocating for your interests.
Illinois makes several distinctions in the types of property involved in a divorce. One of these distinctions is the difference between real and personal property. As defined by Illinois law, real property is land, homes, houses, commercial property, and any personal property that is tangible, such as bank accounts. In other words, real property is any property that an individual would most likely need a deed to transfer.
As defined by Illinois law, personal property is any property that is not real property. Usually, it involves tangible items, such as financial accounts and vehicles. An attorney can further explain the difference between real and personal property.
Illinois also makes distinctions based on the owner of the property. In a divorce, who owns the property could impact how it is divided, which makes it important to understand how it is owned.
As defined by Illinois law, marital property is any property acquired during the marriage other than inheritance or gifts that were given to one spouse. If an asset was inherited or given as a gift, it is considered the separate property of the individual who received it.
Separate property is any non-marital property that one party acquired prior to the marriage. However, as noted above, any gift or inheritance received during the marriage can also be separate property.
Property that the parties put in both of their names is considered jointly-titled property. For example, if parties own a home, vehicle, or bank account jointly and one spouse dies, the other spouse automatically takes over the property or the account without having to go through probate.
Hybrid property is a combination of an asset acquired before the marriage and during the marriage something was added to it. The easiest example to understand would be retirement accounts. If someone was employed and had ten years worth of savings in the account prior to marriage and continued to contribute throughout the marriage, the contributions during the marriage are considered marital contributions and the contributions prior to the marriage would be considered non-marital.
In a divorce, you would have to figure out what was acquired before the marriage and what was acquired after the marriage. As long as you could identify the difference, it could be considered separate property. If you are not able to tell which property is which, it becomes marital property and thereby subject to division.
The marital home is a home that was acquired during the marriage and is considered the primary residence of a party. In theory, a person could have a marital residence that was acquired before the marriage and one party might have some rights to it, but it could be considered non-marital property.
If the property was kept separate, it would still be considered non-marital property. However, the non-owner spouse may still have some rights to the property if they contributed to mortgage payments throughout the marriage.
Classifying property can be confusing. However, when dividing assets in a divorce in Orland Park, it is important to understand the different types of property. This is where an attorney can help. Call Reidy Law Office LLC today to get the help you need in your divorce.
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