Marital property is any property that's acquired during the course of the party's marriage; separate property would be more appropriately called non-marital property. Non-marital property is any property that's listed by statute in the Illinois Marriage and Dissolution of Marriage Statue. You have to look at it as there are specific categories of non- marital property. Generally, non- marital property is property that's received through an inheritance, received as a gift, excluded by a specific agreement, or through a prenuptial agreement. Or perhaps, premarital property, something the party entered the marriage with.
Sean Sullivan is a family lawyer practicing in the Elmhurst, Illinois area at the law offices of Laura M Urbik Kern, specializing in child custody and dissolution in divorce. Visit his website, www.laurakern.com, and Divorce Magazine profile.
Certified Divorce Financial Analyst
Business Valuators / CPAs