How to Protect Your Inheritance in an Illinois Divorce

 Posted on May 19,2023 in Division of Property

During a divorce in Illinois, inheriting assets can cause conflict between couples. It is possible to protect your inheritance by taking specific steps. Here are some essential points to consider.

Understand Illinois’ Property Division Laws

In Illinois, when a couple divorces, the assets are divided fairly, but not necessarily equally, based on the principle of “equitable distribution.” If you inherit assets, they are generally considered separate property and are not subject to division in a divorce. However, if you mix the inherited assets with marital assets or use the inherited funds for marital expenses, your spouse may be able to claim a portion of the inheritance.

Keep Your Inheritance Separate

Keeping your inheritance separate from your marital assets is crucial to safeguard it. This involves not mixing your inheritance with marital property and keeping it in an account under your name. Also, do not use the inherited money for any marital expenses, as it can invite a claim from your spouse for a share in the inheritance.

Document Your Inheritance

Documentation can prove that the asset was inherited and is separate property is crucial in protecting your inheritance. Such documentation can include a copy of legal documents like the will, trust documents, or any other documents demonstrating the inheritance is yours and not meant for your spouse.

Consider Mediation

If you and your spouse can work together in a friendly manner, you may want to consider mediation to settle issues related to your divorce. Mediation is typically less costly and less confrontational than going to court. It may assist you and your spouse in finding a solution that works for both of you regarding dividing your assets.

Seek Legal Advice

If you are going through a divorce in Illinois and are concerned about protecting your inheritance, seeking legal advice from an attorney is beneficial. The peace of mind you can get with a professional review of your case is worth the peace of mind. You can guide how to protect your assets, including your inheritance. If necessary, they can also represent you in negotiations with your spouse’s attorney and court proceedings.

Contact a Batavia Divorce Lawyer

Divorce is stressful enough, let alone worry about your inheritance being caught up in the mix. If you are in the midst of a divorce and need help protecting your inheritance, a Kane County marital asset attorney can help. Call The Law Office of Matthew M. Williams, P.C. at 630-409-8184 to protect your asset.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?DocName=075000050HPt.+V&ActID=2086&ChapterID=59&SeqStart=6100000&SeqEnd=835000050