The division of assets can be one of the hardest parts of the divorce process, both because of the financial implications and the personal attachments that each spouse may have to the property. Your home may be the first thing that comes to mind when you think about dividing property in a divorce, but you will also need to determine how to handle a variety of different financial accounts including bank accounts, investment portfolios, and retirement accounts. Each of these has its own unique considerations when it comes to dividing them while protecting your interests.
Which Accounts Are Considered Marital Property?
In Illinois, assets are considered to be marital property based on when they were acquired. If you opened or made contributions to a financial account during your marriage, that account is most likely a marital asset and subject to division in your divorce. Importantly, an account does not have to be jointly held in both spouses’ names in order to be a marital asset. However, if you have an account that was funded entirely before your marriage, or funded entirely with non-marital assets like an inheritance, the account may belong entirely to you.
Dividing Different Types of Accounts
Here are some of the most common types of financial accounts that married couples may have, as well as what you will need to consider when dividing them:
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