Is Money My Parents Gave Me During My Marriage Considered My Non-Marital Property in Illinois?
DuPage County Divorce Lawyers Help Answer Marital or Non-Marital Property Questions
If you have received funds from your parents over the course of your marriage, before the divorce process has started, determining whether this money will be considered marital or non-marital property can be tricky. In a nutshell, decisions in these matters may be based on whom the money was addressed towards and the type of account in which the funds were deposited. Depending on those two factors, your parents' money could be considered non-marital, or your spouse may argue that it is marital property.
At Mirabella, Kincaid, Frederick & Mirabella, LLC, we can help you understand how these factors may affect money you have received as gifts. If your parents were to give you a check as a gift intended specifically for you, that check was made out to your name, and you deposited the amount into your own personal account, it is more than likely that the courts will rule that the money is, in fact, yours. However, if you deposited that money into an account that is jointly owned with your spouse, it can be perceived as a marital asset.
One issue that some couples have is when gifts are addressed to both spouses, such as anniversary gifts. With the money being intended for both spouses, it will usually be ruled as a marital asset that must be divided during the divorce process. Even if the money was from your parents, it would be considered marital property, especially if it was deposited into a joint-owned bank account.
Contact Our DuPage County Divorce Lawyers
Dividing assets between spouses can cause conflicts, and this process can become messy. At Mirabella, Kincaid, Frederick & Mirabella, LLC, our dedicated and experienced lawyers can explain these details to you. Do not hesitate to contact us and set up an appointment so that we can get started on your case right away. Our phone number is 630-665-7300. We have served clients from the DuPage, Kendall, and Kane County areas for decades, and we look forward to hearing from you.