How Is Commingled Property Divided?

Commingled property is a common occurrence in second marriages or marriages later in life. In such cases, the Illinois family law courts will first have to determine if the property in question is actually marital or nonmarital. Then, it will decide if the other spouse has a right of contribution that would entitle him or her to a share of the property value.

At Watson Law, our Peoria commingled property division attorney offers caring and skilled legal counsel and representation for those with property division concerns. As a family law lawyer with 10 years of legal experience, Ms. Watson has helped numerous clients safeguard their rights and assets during divorce.

You Could Lose Tens Of Thousands If Your Property Is Not Designated Correctly

Even though it may appear that you have an exclusive claim to a piece of property, looks can be deceiving. If your marriage has contributed to a substantial increase in equity, your spouse may be able to claim a share.

For instance, let's say you inherited the house that you grew up in. Your parents gave it to you and you alone, so it's nonmarital property, right? Not necessarily. If you and your spouse spent money renovating it and increasing its value, it may or may not be deemed nonmarital by the courts. This means you could lose a very substantial amount of money if your assets are not properly designated during your high-asset divorce.

In one recent case that our firm handled, a man had a $350,000 asset, and due to the way the court designated it, his wife (our client) was entitled to half! That is why any property division settlement must be carefully scrutinized by a highly knowledgeable family law attorney. Without competent legal advice, you could end up needlessly giving away tens of thousands of dollars.

Contact Our Eureka Commingled Asset Division Attorney

For experienced counsel regarding marital asset or debt division in Illinois, contact Watson Law by email or by calling 309-733-4395 or toll free at 888-357-4339. The firm offers free initial consultations and reasonable fees for quality service. The firm accepts all major credit cards. Evening and weekend appointments available upon request.