If you are like most married people, the property you owned and the property owned by your spouse merged when you got married. According to Illinois law, only marital property, or property held by the marital estate must be split during a divorce. However, telling the difference between marital property and nonmarital property is often much more difficult than it seems. Commingled assets, or assets that contain marital property and non-marital property, can change identity, making asset division much more complex. Property that was once considered marital property may be classified as non-marital property. Likewise, property classified as nonmarital property may become marital property.
Division of Marital Assets and Debts
One of the most consequential aspects of many divorce cases is the division of assets and debts. This is often especially true in high-income divorces. If you and your spouse do not have a prenuptial agreement or postnuptial agreement describing how to classify and divide assets, you have several options. You and your spouse may be able to reach an agreement about how to divide assets with help from your respective attorneys or through an alternative resolution method like mediation or collaborative law. If you cannot reach a decision outside of court, your case will go to trial and the court will make a decision about how to divide marital property.
Property That Is Mixed May Change Identity
There are several ways that property can be commingled or mixed and lose its identity as either marital property or nonmarital property. Marital property typically includes any property that a spouse obtained after getting married. Nonmarital property is the property that a spouse obtained before the marriage took place. However, determining the identity of assets and debts during divorce is rarely this straightforward. For example, if you bought a house before you got married, you may assume that the house is solely yours upon your divorce. However, if you use marital funds to pay the mortgage or make improvements or repairs, you have commingled a marital asset and a nonmarital asset. Consequently, the home may be considered a marital asset during divorce and your spouse would be entitled to an equitable share of the home’s value.
Contact a Cook County Divorce Lawyer
Commingled assets can complicate the already complex process of dividing your property during your Illinois divorce. For help, contact a skilled Western Springs divorce attorney from Botti Marinaccio, LTD. We can help with property division concerns, child-related issues, spousal maintenance, and more. Schedule a confidential consultation by calling us today at 630-575-8585.
Source:
https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&SeqStart=3800000&SeqEnd=5300000