In a typical Illinois divorce, marital property is distributed equitably between spouses through a property division agreement or order. This means that any assets that the spouses previously owned together will become the sole property of one or the other. However, there are possible exceptions to this outcome. If you and your spouse can reach an agreement, you may be able to continue to jointly own certain properties and assets even after your divorce is complete.
What Kinds of Property Are Amenable to Joint Ownership?
In theory, divorcing spouses could agree to maintain joint ownership of a wide variety of assets, but this is rarely realistic in practice. Though giving up some of your assets can be difficult, it is typically much less complicated to completely disentangle your financial interests from your spouse’s.
That said, there are some types of property for which it may be desirable to remain joint owners, at least for a time. This can include:...