630-584-5550
What Counts as Marital Property in Illinois?
The ambiguity around what is and is not marital property in an Illinois divorce can be a major headache. Frequently, you will not find hard and fast rules as often as subjective rulings on a case-by-case basis. However, this does not mean that there is no way to anticipate how your property will be categorized and split up in a divorce.
A St. Charles, IL divorce lawyer can provide you with valuable counsel during the dissolution of a marriage. At Shaw Sanders, P.C., we have extensive experience in and out of the courtroom, giving clients a sense of clarity around issues of property division while representing their best interests. We can help you distinguish between marital and non-marital property, clearing up any doubts during negotiation. Here are some initial questions to ask as you start to determine what is yours.
When Was the Property Obtained?
As a rule of thumb, if a piece of property or asset came into your possession prior to the marriage, then it is more likely to be considered non-marital property. If the property was obtained during your marriage, then your claim to its sole ownership may not be as sound, especially if it was purchased with marital funds.
There are exceptions to this rule. A gift or inheritance made out to you or your spouse alone is more likely to fall under non-marital property, even if it was during the marriage. Moreover, if you purchased a piece of property with your own funds, you will have a stronger claim to it.
Did the Property Become Commingled?
The process by which non-marital property becomes marital property – known as commingling – can muddy the waters in asset division. An oft-cited example is when a spouse contributes to the mortgage of a non-marital home, which may give that spouse a partial claim to ownership that will likely have to be reimbursed in a divorce even if his or her name is not on the title. In many cases, putting personal funds towards a joint investment will result in that asset becoming commingled, from real estate to businesses.
Is It Shared Wealth?
If you share a bank account with your spouse, you can expect that it will be classified as marital property, subject to division under Illinois’ principles of equitable distribution. This may also apply to retirement accounts, pensions, life insurance policies, and credit cards.
In addition to the wealth shared between you and your spouse, you end up taking on a portion of each other’s debts at a judge’s discretion, such as car loans, mortgages, and student loans. In most cases, debt will only be considered marital if it was incurred during the marriage.
Meet with a Kane County, IL Divorce Attorney
If you are unsure about how your property and other assets will be divided in the dissolution process, a St. Charles, IL divorce lawyer can clarify what belongs to you. At Shaw Sanders, P.C., we will help you reach a favorable divorce settlement through sensible mediation, and if an amicable resolution is not possible, we can take your case to court to fight for your desired outcome. To schedule a free consultation today, call our offices at 630-584-5550.
630-584-5550