Is My Wife's Large Inheritance Subject to Division in Our Illinois Divorce?

 Posted on June 23,2023 in Division of Property

There is no such thing as an easy divorce. One issue many couples face during divorce is the distribution and division of assets. Illinois courts have specific laws in place that explain how marital assets are distributed during a divorce, and understanding how these laws apply to your situation can help you make better decisions during your divorce proceedings. To ensure you know your rights, contact a divorce lawyer to see what will and what will not be subject to division in your divorce.

What to Know About Divorce and Inheritance

An inheritance one spouse receives during a marriage is typically considered separate property, which means it is not subject to division during a divorce. However, in some cases, inherited property can be regarded as marital property and thus be subject to division.

For example, if the inheritance is commingled with marital assets, it can be challenging to differentiate between what is separate and what is marital property. This often occurs when the inheritance is deposited into a joint bank account and then used to make purchases or pay bills related to the marriage. In such situations, a court can presume the inheritance is marital property and subject to division unless the spouse who received the inheritance can prove that they did not intend it to become marital property.

Another instance where inheritance can be considered marital property is when the inherited assets increase in value during the marriage due to contributions made by both spouses. In this scenario, the portion of the inheritance that increased in value may be subject to division during the divorce.

What the Court Will Consider

To determine the extent to which an inheritance is subject to division, a court will look at several factors, including when the inheritance was received, how it was used, and its value at the time of the divorce. If the inheritance is found to be marital property, the court will use a fair and equitable assessment process to divide the assets between the spouses. Equitable is not equal, and thus the court will decide what is fair based on the case's individual circumstances.

Contact an Arlington Heights, IL Divorce Lawyer

Divorces involving inheritance can be complex and stressful, so having experienced legal counsel is essential for pursuing a favorable case outcome. Contact the experienced Rolling Meadows, IL divorce attorney with Law Offices of Donald J. Cosley. Call 847-253-3100 for a free consultation.

Source - https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm