Dividing Assets in a divorce case
In an Illinois divorce case, the law classifies assets into two basic categories: non-marital and marital . Section 503 of the Illinois Marriage Act, officially known as “ 750 ILCS 5/503 Disposition of property and debts,” says that “ Marital Property” is “... all property, including debts and other obligations, acquired by either spouse subsequent to the marriag e ,” and then lists several categories of “ non-marital property ” under its section (a): “(1) property acquired by gift, legacy or descent or property acquired in exchange for such property; (2) property acquired in exchange for property acquired before the marriage; (3) property acquired by a spouse after a judgment of legal separation; (4) property excluded by valid agreement of the parties, including a premarital agreement or a postnuptial agreement; (5) any judgment or property obtained by judgment awarded to a spouse from the other spouse except, however, when a spouse is required to sue the other spou...