If you are looking to get a divorce, you have likely encountered a long list of things that must be done before the divorce can be completed. One of the many steps that must be taken during a divorce is dividing marital property. This is one of the areas of divorce that is notorious for producing arguments and disagreements, even if you and your spouse are otherwise on the same page. The decisions made during this process are decisions about nearly every single piece of property that you own. If you make decisions that are not in your best interest, it can affect you for the rest of your life.

Marital Versus Nonmarital Property

The first step in the asset division process is determining what is and is not subject to division. Illinois law states that all marital property is subject to division, except for a few circumstances. Marital property is considered to be any asset or debt that you or your spouse acquired during the marriage. Certain assets that were acquired during the marriage, however, are exempt from division. These items include property acquired from a gift or through inheritance, property acquired in exchange for such property, property excluded from division as per a valid prenuptial agreement, and any property acquired after a judgment of legal separation.

Understanding Equitable Division

Once you have determined the property that is actually subject to division, you will then have to determine who gets which assets and debts. The court encourages couples to come to their own property division agreement, but unfortunately, that is not always feasible. 

Most couples who end up getting divorced usually see it coming months, if not years, before the papers are actually filed. It is not an uncommon scenario for a husband and wife to stay together long after they both realize their marriage is over. For anyone who is in this situation, there are steps that should be taken before the divorce process begins in order to ensure there is an equitable division of assets and no surprises for either party during divorce negotiations.

Financial Documents

If you are contemplating divorce or suspect that your spouse is, the first step you should take is to gather copies of all of your financial records, including: