Watson Law
Free Initial Consultation 309-733-4395
Vote Now For Your Favorite Business

What is non-marital property?

In Illinois, courts are required to divide up a couple's marital property in the event of a divorce or separation. Basically, marital property is just about any asset, or debt, that either party either owns or owes.

This is so without regard to who purchased the asset, who legally owns it or who spent most of the time and energy caring for and maintaining it.

However, Illinois law recognizes some property as non-marital property. Although the law lists a number of types of non-marital property, there are a couple of types that may be more likely to apply to the situations of Peoria couples.

For instance, property that one spouse receives as a gift or as part of inheritance is non-marital property. By way of example, this means that a woman who received $20,000 a year from her parents for her own needs could in theory claim that property outright in the event of a divorce; she will not have to submit those funds to property division.

Likewise, many assets which either spouse earned or received before his marriage will be treated as non-marital property. So, if a man owns a successful business prior to his marriage, he may be able to keep the value of his business.

Sorting out what is marital property can be complicated. Moreover, the stakes are high when there is a controversy about whether an asset is marital property, as the outcome could mean the difference between keeping the entire value of the asset or losing, say, about half of it. In such circumstances, it may be best to seek out the advice of an experienced Illinois family law attorney.

No Comments

Leave a comment
Comment Information

Awards & Recognitions

  • 10 Best Law Firm Client Satisfaction American Institute Of Family Attorneys 2013-2015
  • 10 Best Law Firm Client Satisfaction American Institute Of Family Attorneys 2016-2017
  • National College For DUI Defense General Member
  • 10 Best 2016 Client Satisfaction American Institute Of Family Law Attorneys
  • 10 Best 3 Years Client Satisfaction American Institute Of Criminal Law Attorneys 2015-2017
  • 10 Best 3 Years Attorney Client Satisfaction American Institute Of Family Law Attorneys 2015-2017

How Can We Help You

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Email Us For A Response
  • phone Phone 309-733-4395
  • telephone Toll Free 888-357-4339
  • fax Fax 309-282-2565

Peoria Office
333 Main Street
Peoria, IL 61602

Toll Free: 888-357-4339
Phone: 309-733-4395
Fax: 309-282-2565
Peoria Law Office Map

Bloomington Office
221 E. Front St.
Suite 200
Bloomington, IL 61701

Toll Free: 888-357-4339
Phone: 309-733-4395
Fax: 309-282-2565
Map & Directions