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Is Everything I Earned During My Marriage Considered Marital Property in Illinois?
All of the income that you and your spouse earn from working during the duration of the marriage will, in fact, be considered marital property. Of course, there can be exceptions to this rule if there was a prenuptial or postnuptial agreement in place specifying otherwise.
At Mirabella, Kincaid, Frederick & Mirabella, LLC we can help explain what other exceptions there may be to understand what property types are considered marital or non-marital. Before the courts will do a division of the property, they identify whether it was obtained before or during the duration of the marriage. Here is a list of examples for the most common forms of marital property that will be divided in the marriage:
- Any bank, investment, or brokerage accounts
- Vehicles owned by the spouses
- Homes and vacation homes
- Stock and sock options
- Household furnishings and furniture
- Pensions or retirement plans
Many people often believe that the main deciding factor when establishing if property is marital or non-marital is if the property was acquired prior to the marriage. However, if the owner transfers funds from a non-marital bank account into a marital bank account, the funds can become commingled. Here is a list of other common forms of non-marital property:
- Property excluded by valid agreement of the parties
- Any Gifts Received Solely for You and Not Your Spouse
- Acquired by Legacy or Descent
- Acquired in exchange for property given before marriage
Dividing property in the divorce process can easily become complicated and upsetting, which is why capable representation should be at your side to guide you through the proceedings. At MKFM Law, we have decades of experience with divorce and family law. Please contact our office so that we can help you make this portion of your divorce as easy as we possibly can. You can reach our office at 630-665-7300.
When Am I Entitled to Inheritance Money in Illinois?
When it comes to being entitled to your spouse's inheritance money, every circumstance is different. However, the most common outcome is that you will probably not have a claim to his or her inheritance money. Our team of lawyers at Mirabella, Kincaid, Frederick & Mirabella, LLC can help with specifics for your case if you contact us to set up an appointment.
If your spouse has proper documentation showing that the money or asset was solely titled and intended to be inherited by him or her, it will be difficult to make a claim. Even though cases are often in favor of the spouse to whom the money/asset was inherited, there are circumstances when you may be entitled to some of the money or asset. If your spouse did, in fact, deposit inheritance money into some form of joint-owned account, then you may have some grounds to claim.
If you yourself are receiving such inheritances, the best way to protect yourself is to keep your partner’s name off of any paperwork. If your partner’s name is involved, then it can possibly be proven that your asset was commingled, and thus, he or she will have claim to it. By keeping these accounts or funds separate, then you convey to the court that they were not marital assets and should remain your own.
Inheritance and gifts can be tricky when dividing assets in a divorce. At Mirabella, Kincaid, Frederick & Mirabella, LLC, our goal is to make this process easy for you, but we remain diligent to ensure that you are given the property to which you are entitled. If you live in DuPage, Kane, or Kendall Counties, you can contact our offices to schedule an appointment with someone from our law team who has decades of experience. Call 630-665-7300 now, so we can start on your case right away.
Can I Get Back My Inheritance I Used to Help Purchase Our Home During My Illinois Divorce?
Yes, it is possible to get your inheritance that you used to assist in purchasing your home during your divorce under a condition. That condition is if you had some form of written agreement with your spouse establishing clear and convincing evidence regarding from where the funds came. Our team here at Mirabella, Kincaid, Frederick & Mirabella, LLC can help expand on any further details in recovering inheritance money upon a divorce.
The large issue that often arises in these situations is if you and your spouse do not have any formal written agreement distinguishing which funds belong to who, such as your inheritance. When no agreement has been made, you will be expected to find and supply evidence stating that the money from your inheritance was not intended for your marital estate. If everything that you provide is considered sufficient enough evidence, the courts will often rule in favor of the money being given back to you.
Although that may sound easy, you cannot simply state that you did not intend for the money to be given to the marital estate. Finding evidence to prove that fact is quite difficult. In the event that you cannot convince the courts, the money will be considered a contribution towards your marital estate. However, there may be a decent chance that you can receive some form of reimbursement for the contribution instead of the full amount. At this point, our team at MKFM Law can step in to help gather such evidence to support your claim before the courts to give you the best case possible.
For decades, our offices have been tackling cases involving divorce disputes such as these types, family laws, and some criminal cases. You may contact our office so that we can examine your situation and determine the best option. The phone number for our office is 630-665-7300 and on occasion, we can provide free initial consultations. If you are in Kane, DuPage, or Kendall County, do not hesitate to call us for more information.
Is Money My Parents Gave Me During My Marriage Considered My Non-Marital Property in Illinois?
Receiving funds from parents over the course of a marriage, before the divorce process has started, can be tricky in determining if it will be considered marital or non-marital property. In a nutshell, it comes down to whom the money was addressed towards and to which type of account it was deposited. Depending on those two factors, your parents' money could be considered non-marital or argued towards being marital property.
At Mirabella, Kincaid, Frederick & Mirabella, LLC we can help expand on what we mean with those two factors. Let's start with to whom the funds were addressed. If your parents were to give you a check as a gift intended specifically for you or for you and your spouse, and 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 deposit that money into a joint-owned account with your spouse, it can be perceived as marital assets.
One issue that some couples have is when gifts are addressed to both of them. A common example is anniversary gifts. With the money being intended for both spouses, it will usually be ruled as a marital asset that must be divided. 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 for the spouses.
Dividing assets between spouses can cause a large amount of conflicts and become messy. By having representation from one of our dedicated and experienced lawyers at Mirabella, Kincaid, Frederick & Mirabella, LLC, we 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 look forward to hearing from you.
Can I Get My Down Payment on Our Marital Home Back When We Divorce in Illinois?
Dividing your property and assets back to you and your spouse during a divorce can be quite challenging. One example on how to receive that money back would be if you were to have a written agreement with your spouse. At Mirabella, Kincaid, Frederick & Mirabella, LLC, we can help look over your case and explain some other plans of action to try to get your money back.
If you were to use your pre-marriage earned money towards a home with the intention of it being for you and your spouse, it could prove difficult to get those funds back. If you and your spouse do not have a written agreement stating in specifics regarding your money, the chances may be slim.
However, there are some other ways to see if your money can be given back. For example, if the money that you used as a down payment on your house was kept completely in your own name and not jointly with your spouse. In that case, the money will most likely be treated as a gift towards the marital estate. This will lead to the amount hopefully being divided equitably by the court because Illinois distributes assets in that fashion and not equally.
Our team at Mirabella, Kincaid, Frederick & Mirabella, LLC has been taking on cases that pertain to these exact types of circumstances for decades. If you have questions in regards to your particular situation, please contact our office to set up an appointment with one of our attorneys to help you right away. The phone number for our office is 630-665-7300, and on occasion, we can provide free initial consultations. If you are in Kane, DuPage, or Kendall County, do not hesitate to reach out. We can provide information on recovering pre-marital funds or other questions that you have in the divorce process.