When a couple is going through a divorce, property and asset division is often one of the most important concerns. It can also be a very difficult one, especially if the couple has amassed significant assets and/or property during their marriage. The first step your divorce attorney will take is assessing what should be deemed marital property and what should be deemed nonmarital property. While this may seem fairly straightforward, it is not uncommon for spouses to disagree on what is and is not marital property.
Marital Property Versus Premarital Property
Under Illinois divorce law, property that is acquired and owned during the marriage is considered marital property. However, property that you acquired and owned prior to marriage is considered your premarital property. This property is not considered part of the divorce and should be immediately transferred to the person who originally owned the property. There is one caveat, however, and that is if there was an increase in the value of the premarital property during the marriage, that increase may then be considered a marital possession.
...