While some people who get married may be doubtful that the marriage will last, the expectation for nearly all couples who marry is that their marriage will last a lifetime.
However, the reality of marriage in America is that more than 22 percent of first marriages end in divorce within five years, and 53 percent of marriages dissolve by the 20-year mark, according to the latest available data from the government. No matter the length of a marriage, one common issue that often arises during divorce is how to handle the division of marital property.
What Constitutes Marital Property?
The first question to determine when addressing property division is what is considered marital property as defined under Illinois law. The law defines marital property as “all property acquired by either spouse subsequent to the marriage.” Examples of common marital property include physical possessions such as homes, automobiles, and other assets of value. Marital property also includes monetary assets such as retirement accounts like 401(k)s or IRAs, pensions, stocks and bonds, and life insurance benefits.
...







