WHAT IS MARITAL PROPERTY?
Domestic Relations
All property acquired during the marriage, including the house, bank
accounts, insurance, and furnishings is considered marital property,
regardless of which spouse holds title. All marital property is subject
to division by the court though the division is not necessarily equal.
Certain exceptions, such as gifts or inheritance received individually
by either spouse or property owned prior to marriage, are considered
non-marital if they are kept separate from the marital property. The
non-marital property is assigned to the spouse who owns it.
What is a Dissolution of Marriage Marital vs. Non-Marital Property Issues Regarding Children Maintenance or Alimony Attorney's Fees Procedures and Time Frame Settlement of a Case The law provides that marital property is to be divided "equitably" between the parties. In reference to marital property, as a practical matter, we start with the concept of a 50/50 distribution. From that starting point, however, we may make adjustments depending upon the circumstances of the case. Any property that was acquired by a spouse either before the marriage, by inheritance, or by gift, is that spouse's non-marital property. Further, property may be made nonmarital by a valid agreement of the parties. Non-marital property goes to the party owning it. Sometimes, property that was nonmarital (either acquired before the marriage, or acquired by gift or inheritance during the marriage) is changed or transmuted to marital property. Transmutation can take place in various ways. For example, if a spouse owns real estate before the marriage and then places it into joint tenancy during the marriage, under most circumstances it will become marital property. Similarly, placing nonmarital funds into a joint account will make the account marital. We do not usually recommend that our clients make any major transfers of their assets during the initial stage of the divorce proceedings. The actions you take will set the tone for the entire divorce proceeding. Our experience is that in most cases where one spouse unilaterally transfers assets, the other spouse either retaliates in a variety of ways or files an emergency motion with the court which increases your expenses. In addition, the use of marital property for a spouse's sole benefit for a purpose unrelated to the marriage at a time when the marriage is undergoing an irreconcilable breakdown is called dissipation and, to an extent, is prohibited under Illinois law. If you believe that your spouse is capable of removing your personal possessions from your home or closing out your financial accounts, you should immediately consult with an attorney to determine the most appropriate way of protecting your assets. © 2007 Joseph M. Lucas & Associates, L.L.C. |
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