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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

Out of all the properties that must be divided in an Illinois divorce, the home in which the couple and their family lived often causes the most conflict and disagreement. Not only is it typically the most valuable asset that a couple shares, it also serves as a place of shelter and comfort, and in many cases, it inspires strong emotional attachment. However, the reality is that it is almost never reasonable for divorced spouses to continue living in the same home, so a difficult decision will likely need to be made. As you prepare to divide your marital property, below are some questions that could complicate decisions regarding the marital home.

Is the Home Considered Marital Property?

Many married couples choose to purchase a home together, with both spouses’ names on the mortgage and deed. When this is the case, the home will almost certainly be included in the division of marital property. Even if only one spouse’s name is listed, the home will likely be considered marital property if it was purchased during the marriage, especially if it served as the couple’s primary residence.

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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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