One of the many challenges of a divorce regards how your assets will be divided. If you have inherited property, you might wonder how it will be treated during the divorce process. To protect what is rightfully yours, it is vital to conduct careful planning and have a clear understanding of the law. An Illinois divorce attorney can help you protect your inheritance and navigate the intricacies of asset division.
Is Inherited Property Considered Separate or Marital Property?
Under Illinois law, inherited property is generally classified as separate property. This means it will not be divided during a divorce. However, for the inheritance to maintain its status as separate property, it must remain separate from marital assets. Mixing, or commingling, inherited property with marital property can cause it to lose its classification as separate property.