Overview Of Marital Property In Illinois
Couples often want to know which property is going to be split in a divorce. Marital property can be divided in a divorce, but non-marital property can be considered separate property that is not subject to division.
To fully understand which property is likely considered marital property in Illinois, you must first know what courts consider to be non-marital property. This will help you better understand how the judge may divide property during divorce proceedings.
Some property is off limits, meaning not subject to division because it is considered separate non-marital property in Illinois. As a general rule, property obtained before marriage is non-marital property in Illinois, and everything obtained after the couple is married is marital property. However, there are several exceptions and gray areas.
Exceptions And Gray Areas Regarding Marital Property In Illinois
Below are a few examples of exceptions and gray areas regarding what is considered marital property in Illinois.
One example is a retirement plan obtained before marriage. This may seem like non-marital property, but if there are parts of it that were obtained during the marriage, then that portion is considered marital property in Illinois.
There are also many examples of property obtained during the marriage that are not considered marital property in Illinois, such as gifts and inheritances to one spouse, and some couples find it practical to keep property separate after marriage by executing a valid prenuptial agreement (or postnuptial contract).
It’s also not always black-and-white. Comingling income and assets can create a gray area. If you have property that you believe should be kept separate even after you get married, whether by written agreement or because it was a gift to you personally, it is important to keep that property separate.
For example, if you receive an inheritance from your parents and you prefer to keep that money separate, then put it in a separate bank account. Do not put that money in a shared bank account with your spouse unless you are willing to risk it being considered marital property in Illinois.
Another gray area is when one spouse buys and pays off a house before marriage, but the other spouse increases the value of that house by doing repairs, building additions, or paying for those things with part of his or her paycheck. While the house itself may be considered marital property in Illinois, the spouse that increased the value of the house may receive reimbursement for his or her personal efforts because efforts were part of the marriage.
If you want to know which property could be an exception to the general rule regarding marital property in Illinois, talk to a family law attorney
There are many more examples than what is mentioned in this article. To understand all the nuances of marital property in Illinois, you need to speak with an experienced family law attorney.
Divorce can be intimidating, but if you are at that point where there is no other option, schedule an appointment with the family law firm of Koth Gregory & Nieminski in Bloomington IL. One of our divorce lawyers will explain the nuances of property division and walk you through every step of the process.
Koth Gregory & Nieminski is located in downtown Bloomington at 420 N. Main St., Bloomington, IL 61701. However, we handle many cases outside of McLean County. We often represent clients in the neighboring communities of Peoria, Pekin, Pontiac, El Paso, etc. so we frequently go to court in Peoria, Tazewell, and Livingston county. We offer appointments over the phone and via zoom so even if you are an hour away from our office in Bloomington/Normal IL, don’t let the distance bother you. Finding an experienced attorney who cares is worth it.
Schedule an appointment with a family law attorney at Koth Gregory & Nieminski today.
Check out some other resources below under Related Topics for more information regarding divorce and the other issues that may be involved in your case such as maintenance/alimony, child custody and visitation, and child support.
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10 Best Divorce Lawyers Bloomington IL | Child Custody Lawyer Bloomington IL | Child Support Lawyer Bloomington IL | Divorce & Family Law | Marriage Minute with Dr. Gottman | Family Law Attorney Bloomington IL | High Profile Divorce Lawyer Bloomington IL | Best Lawyers Bloomington IL
