Answer: Yes. Illinois’ divorce law overrides some of the laws that would normally pertain to banking and property/account ownership. For example, if a house or a bank account is only in one party’s name, under the applicable real estate or banking law, the home or account belongs entirely to that party and the other spouse has no rights to it.
However, if the court deems the home or account to be a marital asset (despite the fact that one party holds sole ownership in his or her name), divorce law takes precedence and the non-title holding spouse will be entitled to receive his or her share. The determining factor is not in whose name the property is held, it is whether the item is a marital or a non-marital asset.
Whose name is on the title is one of the least reliable guides to who ends up with the asset. Our Hinsdale divorce attorneys deal with that misconception almost every week.