Gavel Insight

Understanding Illinois Property Division Laws 🔹 Equitable Distribution Principle Illinois follows the equitable distribution model rather than a community property system. This means that marital assets are divided fairly, but not necessarily equally. Courts consider various factors to determine an equitable split. 🔹 Marital vs. Non-Marital Property - Marital Property: Assets acquired during the marriage, regardless of whose name is on the title. - Non-Marital Property: Assets acquired before marriage, gifts, inheritances, or specific agreements excluding certain property from marital classification. To avoid disputes, maintaining records and agreements like prenuptial or postnuptial contracts is beneficial. Strategies for Protecting Your Assets 🔹 Keep Clear Financial Records Maintain documentation that clearly distinguishes between marital and non-marital property. For example, inheritances and gifts should be deposited in separate accounts rather than joint ones to prevent co...