Residents of Illinois may own assets outside of the U.S. for many reasons. Perhaps they are a citizen of another country who lives in Illinois but owns property abroad or are a native Chicagoan with business interests in another part of the world. Regardless of why someone owns international assets, Illinois divorce law requires that these assets be considered as part of the divorce process.
Asset division in a divorce is nearly always a complex and disputed process, and this is especially true when international assets are concerned. The allocation of assets located outside of the United States is influenced not only by U.S. law, but also by the laws in the countries in which the assets are located.
Are Foreign Assets Marital Assets?
Illinois law prescribes that all property acquired during the marriage is marital property, regardless of where it is located. If marital funds have been spent on an asset, even in part, both spouses will likely be entitled to a portion of the asset’s value. Non-marital property is property acquired before the couple wed or property acquired through inheritance or gifts. Property may also be considered non-marital if the property is excluded from the marital estate through a valid prenuptial agreement....