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 new law was enacted and views pets like children. The best interests of pets are taken into consideration before pet custody is awarded. The spouse who has spent the most time and energy caring for the pet is usually the one who is granted custody.
• Gifts distributed during marriage: Engagement rings and other gifts that were distributed prior to marriage cannot be divided in a divorce. However, any gifts that spouses give to one another during a marriage such as an expensive bag or piece of artwork is subject to division.
• Collections: If a spouse collects items such as coins, stamps, books, or other high value items during a marriage, they may be divided in a divorce.

Examples of Intangible Assets

Although intangible assets cannot be seen or touched, they are still taken into account during divorce cases. Intangible assets may include:

• Airfare miles: If a spouse has acquired airfare miles while they were married because of work or another reason, they need to be divided in the event of a divorce.
• Intellectual property: Intellectual property involves patents, copyrights, and trademarks that were earned during a marriage. Since they can be worth a substantial amount of money, they must be distributed properly.
• MP3s and digital downloads: It can be expensive to replace a music or movie collection. Since copyright laws do not allow the digital sharing of music and movies, the division of MP3s and movies needs to be considered.

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Contact Our Experienced DuPage County Child Support Lawyers

For more information on unusual assets and how they can play an important role in your divorce, contact our highly skilled DuPage County child support lawyers at Mevorah Law Offices, LLC.

Source:

http://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt%2E+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=8350000