What happens to the money, personal property and house?
There are two categories of property: Marital and Non-Marital. In Illinois, only marital property is subject to what’s referred to as “equitable distribution”. Equitable does not necessarily mean “equal”. The courts will divide the property between the husband and wife fairly, which is determined on the basis of several factors. In the event that the husband and wife cannot reach an agreement as to the division of marital property, the courts will then determine what is considered the “marital property” and divide it equitably between the parties. Non-marital property is not subject to division between the parties unless the non-marital property was mixed with the marital property. In other words, if the property of one spouse was purchased before the marriage and/or kept separate from the marital property, that spouse will be entitled to keep that property as his or her own. If, however, the property of one spouse is mixed with marital property during the marriage, it may be subject t
Related Questions
- If my property is sold at the Delinquent Tax Sale, what happens to any leftover money after the taxes, penalties, levy costs and interest are paid?
- What are my rights to money and property when my marriage ends? What happens to investments and similar assets?
- What happens to the money and property when a person becomes a PG conservatee?
