When couples get a divorce in Illinois, one crucial concept that often arises is commingled assets. For couples contemplating divorce, understanding what commingled assets are and how they may impact the division of property is essential. Consulting with a knowledgeable lawyer can provide clarity on this often-overlooked aspect of divorce.
Defining the Basics of Commingled Assets
Commingled assets arise when separate property—owned by one spouse before the marriage—is intertwined with marital property. This blending creates challenges when it comes to determining ownership and the rightful division of assets during divorce proceedings.
In Illinois, property obtained during the marriage is considered marital property, but complications can arise with assets that were obtained prior to the marriage.