January 22nd, 2020 by Tiffany Hughes
When you or your spouse decide to pursue a divorce, Illinois state law requires all of your property to be divided and classified as either marital property or non-marital property. For many couples, the process of determining which property is marital or non-marital can be very confusing and in certain instances can determine your financial future. In the State of Illinois, there is a presumption that any property acquired during the marriage is marital property. But what does this all mean for you?
Classifying Marital and Non-Marital Property
In divorce cases, Illinois law requires judges to equitably divide marital property. Equitable doesn’t necessarily mean an equal 50/50 split though. The Judge must decide which property is marital property, which property is non-marital property, and to then divide the property between the parties equitably and fairly. The general rule is that property acquired by one spouse prior to the marriage, and all increases in value and income from such property, is considered to be non-marital property. This can mean that this property could be deemed that spouse’s sole and separate property.
Non-marital property is defined as follows:
All other property acquired during the marriage will be considered to be marital property and will be equitably divided.
What Is Commingling?
If you do not know the law, it is easy for your separate non-marital property to become marital property. If you mix your separate property with marital property, it can become commingled and that means it can be deemed no longer your separate property. That means it could be considered marital property and now part of the total marital estate. For example, if you inherit $50,000.00 from a deceased relative, but you then place these funds into a joint checking account with your spouse, the inheritance could be deemed marital property, thereby losing its non-marital identity. Another common example is if you purchased a home before getting married, and then sell the home and use the proceeds to purchase a new house from you and your spouse, the new home could be considered marital property. Commingled property can make property classification very complicated and it can be extremely detrimental to your financial future.
The Consequences of Commingling Property
When there is commingled property in a divorce case, the Court will often encourage the parties to agree on an equitable property division. If the parties cannot agree, the Judge will consider all circumstances and make a decision. The division of property can be very complex. Therefore, before taking any action, it is important to consult with an experienced family law attorney at The Law Office of Tiffany M. Hughes today to ensure you receive an equitable division of your marital property. When your financial future is at stake, you need an experienced and knowledgeable family law attorney from The Law Office of Tiffany M. Hughes in your corner.
Contact Us Today
If you are considering a divorce or just have questions about what marital property is, the attorneys at The Law Office of Tiffany M. Hughes will guide you through the process of dividing your assets and ensure you receive an equitable property division settlement. For more information on how the family law attorneys at The Law Office of Tiffany M. Hughes, P.C. can help you through your divorce and ensure an equitable division of your marital property, contact us today to schedule your complimentary consultation at 773-893-0228.
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This blog is made available by The Law Office of Tiffany M. Hughes, P.C. for educational purposes only as well as to give you general information and a general understanding of Illinois law, not to provide specific legal advice. By using this website you understand that there is no attorney client relationship between you and The Law Office of Tiffany M. Hughes, P.C. The website should not be used as a substitute for competent legal advice from a licensed professional attorney in Illinois. The law changes constantly and we do not go back in time to edit old posts that may be affected by these changes. If you have any questions about Illinois law, which is the only State this blog and website discusses, please call The Law Office of Tiffany M. Hughes, P.C. for a free consultation and do not draw any legal conclusions without speaking to a competent attorney in Illinois first.