When is a Spouse’s Property Considered Non-Marital in Illinois?

 Posted on December 08,2020 in Uncategorized

Dividing property during a divorce can be complicated, and as you prepare for your financial future, it is understandable that you would want to avoid giving up more assets than is necessary. One way to protect your interests is to ensure that you have a clear understanding of the difference between marital and non-marital property under Illinois law, and that you have identified all assets that may still be your personal, individual property before you begin the divorce process.

Examples of Non-Marital Property

In an Illinois divorce, a couple’s marital property must be divided equitably between the two parties. Generally, this means almost any property that was acquired by either party during the marriage. However, non-marital property belonging to either party is not subject to division, and therefore can remain in the possession of the spouse to whom it belongs after the divorce. Examples of property that can be considered non-marital include:

• Assets acquired by either spouse before the marriage. This could include, savings, investments, retirement account contributions, businesses, and physical property such as a home or vehicle.

• Assets noted as non-marital in a valid prenuptial or postnuptial agreement

• Assets acquired by either spouse through a gift or inheritance

• Assets acquired by either spouse while the couple is legally separated

• Assets awarded from one spouse to the other in a civil judgment

• Property acquired in exchange for non-marital assets

The more that non-marital assets have been kept separate throughout the marriage, the more likely it is that they will be excluded from decisions regarding property division during the divorce. If you commingle or transfer property that would have been considered non-marital into joint ownership, it will likely lose its non-marital status.

Negotiating for Marital Property

Even if an asset is considered marital property, you may be able to reach an agreement that allows you to retain sole possession of it after the divorce. Illinois requires an equitable distribution of property rather than an equal split, and it also allows for couples to reach their own agreement, rather than leaving the decision completely up to the court. If you and your spouse can successfully communicate and negotiate, you can divide marital property in a way that meets both of your needs.

Contact an Arlington Heights Property Division Attorney

At the Cosley Law Office, we can help you prepare for your divorce by taking stock of your non-marital property and your priorities regarding marital property. Our legal team can help you enact strategies to protect your financial interests, either through negotiation or litigation. Contact a Rolling Meadows divorce lawyer today at 847-253-3100 for a free consultation.

Source:

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