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 | 630-200-4882
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Evening and Weekend Hours by Appointment
West Dundee, IL847-428-7725
St. Charles, IL630-200-4882
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Serving Kane, McHenry, DuPage and Cook Counties

St. Charles IL divorce attorneyIf you have received property through an inheritance from a family member or close friend, it is likely something that you hold very dear. You may see it as a representation of that person’s legacy, and in many cases, it also has substantial monetary value. The thought of losing your inheritance or having to divide it in a divorce can be concerning. Fortunately, Illinois law often allows you to protect inherited property during the divorce process, but there are some possible exceptions that you should be aware of.

Inherited Assets Are Usually Non-Marital Property

According to Illinois law, most property that either spouse acquires during their marriage is considered to belong to the marital estate, and this means that both spouses have the right to a fair share of it in the event of a divorce. However, the law lists several forms of property that are considered non-marital assets. One example is “property acquired by gift, legacy, or descent,” which includes assets acquired through a will, trust, or intestate succession. Provided that you alone are the named or qualifying beneficiary, you will likely be able to keep all inherited property in the divorce. If your spouse is willing, creating a postnuptial agreement after receiving an inheritance can provide additional protection for your assets.

When Can an Inheritance Become Marital Property?

However, under some circumstances, property received through inheritance is subject to division in a divorce. This may be the case if:

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Kane County divorce attorney property division

Illinois requires an equitable distribution of property during the divorce process, but this does not necessarily mean that every last asset owned by either spouse must be divided. Rather, properties that are considered non-marital are excluded from the process of property division, and one of the best ways to protect your assets and financial interests in your divorce is to ensure that you have a strong understanding as to which of your personal assets are considered non-marital. However, this is often complicated, and it is important to work with an experienced attorney who can provide qualified advice and assistance.

How to Identify Non-Marital Property in Illinois

As you prepare your financial records for your divorce conference or trial, you should pay special attention to the following forms of non-marital property as defined by Illinois law:

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Algonquin divorce attorney asset division

Under any circumstances, divorce can put a financial strain on couples as they prepare to divide their assets. This aspect of the divorce process may be even more difficult during the COVID-19 pandemic, a time when property valuations can suffer due to the struggling economy and many people are concerned about job security. However, with the assistance of a skilled divorce attorney and the willingness to explore alternative solutions, you may be able to reach an agreement that protects both spouses from excessive financial hardship.

How Are Assets Divided in an Illinois Divorce?

Under Illinois law, most assets acquired by either spouse throughout the course of the marriage are usually considered marital property. During a divorce, marital property is to be distributed equitably, meaning that the division is usually not 50/50 but instead based on factors including the length of the marriage, the terms of any prenuptial or postnuptial agreement, child custody arrangements, and each spouse’s contributions to the acquisition of marital property. Each spouse’s health, financial situation, and earning potential are also considered, meaning that if one spouse has been impacted more severely by COVID-19, assets may be distributed accordingly.

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Kane County family law attorneysWhen a couple decides to legally end their marriage, there are many issues that need to be addressed. For example, if children are involved, who will be allocated parental responsibilities, child support payment amounts, and a parenting time schedule must all be resolved. Decisions regarding who will get what in the divorce settlement are also important. Marital property can include homes, furniture, vehicles, as well as monetary assets like savings or retirement accounts. Spouses who did not work or participate in any type of retirement savings plan may wonder if they are entitled to a portion of their partner’s account. In Illinois, marital property is divided according to the principles of equitable distribution. As a result, your future ex-spouse can receive part of your retirement savings even if he or she never contributed to the account.

Types of Retirement Plans 

There are many different types of ways to save for retirement. In today’s society, people do not always spend their entire career with one company like in years past. Employees often choose to roll over their retirement accounts as they change jobs. In some cases, a business might not even offer any type of savings plan for retirement, so workers might create their own through a bank or a financial planner. 

A few of the most common retirement savings plans include:

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Kane County dissipation attorneysAlthough it would be ideal, not every divorce is amicable. One spouse may have been planning to split for months, while the other spouse is blindsided by the news. In certain scenarios, one partner may have controlled all or most of the couple’s finances during the marriage. In these cases, one spouse is put at a disadvantage because he or she is financially vulnerable. 

Under Illinois law, the division of assets or property is subject to equitable distribution. This means any marital property that was acquired during the marriage will be divided in a fair manner. However, one spouse may be guilty of depleting and/or hiding assets in order to keep more for himself or herself after the marriage is legally terminated. Inappropriate spending in such a situation is called dissipation of assets, and a skilled attorney along with a forensic accountant can help in revealing this form of deception.         

How to Detect Wasteful Behavior

Dividing assets or property can be one of the most contested aspects of a divorce. The court considers several factors when determining who gets what. In some cases, the split could be 65/35 or 80/20, or all marital property could even be allocated to one spouse.  

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