Is an Inheritance Considered Marital Property During a Divorce? 

 Posted on January 07,2022 in Division of Property

When two partners file for divorce, they can expect to face a lot of complicated questions and strenuous processes. One of the most complex aspects of getting a divorce is having to divide the assets that two spouses once shared.

From bank balances and investments to vehicles and houses, there is a lot to consider when it comes time to analyze the assets and determine who will receive ownership of which assets. One very important asset that couples are often perplexed by is inheritance.

What is Considered Marital Property in Illinois?

There are two types of property to be aware of in an Illinois divorce: marital property and non-marital property. Marital property refers to any and all assets that were acquired at some point after the marriage was official. In other words, marital property is any property that you and your spouse acquired together while married.

Non-marital property, on the other hand, is the opposite. It refers to any and all property that belonged to you prior to getting married. In order to understand whether or not an inheritance is considered property that may be divided during a divorce, it is important to understand whether inheritance is deemed as marital property or non-marital property.

What is Inheritance Categorized As?

Despite the timeframes that differentiate marital property from non-marital property, inherited assets are typically exempt from these parameters. As such, if the inherited assets were bestowed upon you in your legal name, then they will likely remain yours during the property division process when getting a divorce.

However, categorizing property as marital or non-marital is not always this straightforward. For example, if you deposit inheritance money into a shared account with your spouse, the money may be transformed into marital property.

Inheritance is usually regarded as non-marital property in Illinois. However, the only surefire way of knowing that you will be permitted to retain all rights to your inheritance during a divorce is to get personalized guidance from an experienced divorce lawyer.

Contact a Kendall County Divorce Lawyer Today

The decision to get a divorce is not an easy one to make. It would be incredible if choosing to get a divorce was the hardest part of the entire process, but unfortunately, it is only the beginning.

There are many difficult choices that you will have to make as the divorce proceedings unfold, including how to divide the property that you and your current spouse once shared. Thankfully, an Oswego divorce attorney can guide you through the tumultuous decision-making process and help you make sure that you are making the right choices for you along the way.

Contact The Law Office of Matthew M. Williams, P.C. today by calling 630-409-8184 and scheduling your consultation with our experienced divorce attorneys.

Source:

https://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm