When an unexpected accident leaves you injured, you may be able to recover payment from the party at fault through a personal injury claim. Money from these settlements or verdicts is often meant to address medical expenses, lost income, pain and suffering, and other damages.
In a divorce, questions can arise about whether the money from your claim is marital or separate. The answer to this question will vary from case to case. If you are worried about protecting your wealth in a divorce, reach out to our Wheaton, IL family law attorneys. We have earned over 100 positive reviews for our compassionate counsel and aggressive representation, as we handle each case with the care it deserves.
When Is a Settlement from a Personal Injury Lawsuit Considered Marital Property in Illinois?
In Illinois divorce cases, timing plays a major role in how property is classified. A judge will usually look at when the injury happened, when the claim arose, and when the settlement or award was received. Illinois law generally says that property acquired during the marriage is presumed to be marital property (750 ILCS 5/503).