Distinguishing the Difference Between Marital Assets and Non-Marital Assets

 Posted on May 09,2017 in DIvision of Property

One of the most confusing and complex issues in divorce is the separation of marital property from non-marital assets. Much of the complexity stems from the difficulty in proving the origins of an individual asset. However, many other factors play into this common issue as well. Learn more about how the courts distinguish marital assets from non-marital ones, and how an attorney can help you navigate through the process.

Yours, Mine, or Ours?

During the marriage, many couples share their assets. They do not see it as belonging to one party or the other. Instead, they consider their assets "joint" assets. Divorce often changes that view. Unfortunately, the process of untangling what belongs to whom can lead to bitter arguments and contention. Sometimes, the answer is simple. For example, an asset brought into the marriage by either party is generally considered a non-marital asset (provided it was never co-mingled with marital assets). Other times, though, it is far more difficult to distinguish if the asset is marital property or non-marital property. As an example, an inheritance that gifted to just one party during the marriage might have been excluded from the marital estate, but using it as a down payment for the family home is likely to make it a marital asset.

Titling of an Asset May Be Irrelevant

One of the biggest misconceptions in divorce is that assets titled to one party belong to that individual. This is not always the case. If marital assets were used to finance the item, then it is generally a joint asset. On the other hand, if the item was purchased or financed using assets that are strictly non-marital assets, the courts might consider it to be non-marital property. Unfortunately, proving that this is the case can be difficult; if you have property or assets that you believe should be excluded from the marital estate, it is important to seek help from an experienced attorney.

Our DuPage County Divorce Lawyers Can Help

Separating marital assets from non-marital ones can be a time-consuming and complicated process. Get experienced assistance sorting through your marital estate. Contact Stock, Carlson & Asso. LLC for assistance. Our dedicated DuPage County divorce lawyers will examine your situation and inform you of your options. Every step of the way, we protect your rights and strive for the most favorable outcome. Schedule your personalized consultation today. Call our offices at 630-665-2500 today.

Source:

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm