The dissolution statute defines all property as either marital or non-marital. Marital property is any asset or liability acquired or incurred during the marriage. Non-marital property is property owned before the marriage or property acquired by gift or inheritance. Non-marital property can also be gifted to the marital estate or transmuted to marital property by actions of the parties. If the parties have a properly signed prenuptial agreement, the parties can contract as to marital or non-marital property and its division. Illinois is an, “equitable division” state, meaning that marital property will not necessarily be divided equally. Rather, it is expected that marital property will be divided fairly and equitably, either by agreement of the parties or by the Judge after a trial.
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