Unusual Assets That May Need to Be Divided in a Divorce

When most people think of marital assets that get divided in a divorce, things like houses, cars, and retirement accounts usually come to mind. However, there are various other types of assets that couples going through a divorce may have to divide. It is important to determine how these unusual assets will be divided early on in the divorce process to reduce the risk of headaches down the road.   Marital vs. Non-Marital Property While marital property is divided in a divorce, non-marital property is not. According to the Illinois Marriage and Dissolution of Marriage Act, marital property includes any assets or debts that either spouse acquired while they were married. Anything else is considered non-marital property. Examples of Unusual Assets Unusual marital assets in a divorce can be tangible or intangible. Several examples of tangible assets that can be seen or touched include: Pets: In the past, Illinois courts treated pets like property. In 2018, however, a…

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