Madilyn Keating Ellsworth discusses whether or not a degree earned during the marriage is a marital asset:
In Illinois, advanced degrees and licenses are not considered property, and thus are not monetized or subject to division in a divorce. Although not classified as an asset, the court may, however, consider a spouse’s support and contributions to the other spouse obtaining a degree or license as a relevant factor in the distribution of marital assets and liabilities during divorce. For example, where one spouse helps another spouse acquire a professional degree or license, a court may choose to compensate the contributing spouse through a larger share of marital property or an award of maintenance to compensate for the increased earning capacity of the degree-holding spouse.
Read about marital asset division, including:
- Division of business assets in divorce
- Marital assets to be remembered during property valuation
- How marital assets are divided in Illinois
Watch more video FAQs about marital asset division during divorce: