In the state of Illinois, the division of property between divorcing spouses includes any cars owned by the couple. How vehicles are divided is determined along with other property and assets during the divorce process. Many couples are able to work together to reach an agreement on how to divide assets, but if a settlement cannot be reached through negotiation, mediation, or collaborative law, the distribution of property between the spouses will be determined in court during a trial.
When deciding who will get which marital assets, the court will consider what is “equitable” rather than what is “equal.” This distinction, which is specific to Illinois and many other states, will be discussed further in our next blog post. Regarding cars in general, there are some guidelines to follow when dividing this type of property.
Cars: Separate Property or Marital Property?
Before anything else, it must be determined if the vehicle being discussed is separate property or marital property. Separate property is usually any of the following:
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