If you have filed for divorce or are considering terminating your marriage, you may be overwhelmed at the idea of dividing all of your property. Illinois is an equitable distribution of property state, meaning that all marital property and assets are divided based on what is deemed fair and equitable. Marital or community property involves everything that you amassed throughout your marriage. While it may seem like a lot, there are even more items that you may have overlooked when picking out marital property.
One common oversight are expensive collections, including art, coins, cars, horses, antiques and any other collectors’ items. Income tax refunds, lottery ticket winnings, benefits from former employers and term life insurance policies are a few other assets that may be missed. You might be surprised to learn that any frequent flier miles, travel reward points or other rewards earned on memberships are divisible as well. Country club and golf course memberships are a few other marital items.
If you or your spouse lent money to a third party during the course of the marriage, you are entitled to half that money once it is repaid. This is true even if it is repaid after the divorce is finalized. Did you give your spouse an expensive anniversary or birthday gift? You may even be given half of that, as gifts given to each other during the marriage are considered marital. Intellectual property, such as copyrights, patents and trademarks may be distributed in the divorce settlement.
This information is intended to educate and should not be taken as legal advice.