What’s the Difference Between Marital Property & Non-Marital Property?

By Madilyn A. Keating
September 02, 2015

Madilyn A. Keating, a family lawyer in Chicago, answers:

In Illinois, “marital property” means all property and income acquired by either spouse during the marriage. “Non-marital property” is generally any property that was acquired before the marriage, received as a gift, received as inheritance, or awarded to one spouse in the divorce. The main difference between marital and non-marital property in Illinois has to do with the division and allocation to the parties upon dissolution. Non-marital property is awarded to each respective spouse. Marital property is equitably divided between the parties after consideration of a number of factors, including the length of the marriage, the age and health of the parties, the future earning capacity of each spouse, and the value of each spouse’s non-marital property. The court’s goal is to leave both parties in an equitable position post-divorce.

Madilyn A. Keating is a family lawyer at Boyle Feinberg, P.C. in Illinois. To learn more about the firm, visit www.bffamlaw.com. View their firm profile here.

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September 02, 2015
Categories:  Financial Issues|FAQs

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