The Difference Between Marital and Separate Property

 Posted on March 23,2023 in Chicago divorce attorney

When dividing property during a divorce, it is crucial to begin this process by deciding if the property is marital or separate. Marital property usually entails assets or debts a couple has acquired throughout their marriage. Separate properties are assets or debts that a spouse acquired or owned before marriage.

Separate Property

Separate property is anything that was acquired before the couple married. Gifts and inheritances are separate property, as well. If any of these income-producing properties increase, that income may still be considered separate property, depending on the circumstances. There is no division of separate property during a divorce. A few common examples of separate property include:

• The property was given to a spouse as a gift or inheritance
• Property obtained by a spouse in exchange for property a spouse may have acquired before the marriage or by gift or inheritance
• Property cultivated by a spouse after the marriage has legally ended
• Any property excluded from the marital estate within a prenuptial agreement
• Property obtained by judgment and awarded to one spouse from the other
• Property that was acquired before the marriage

Marital Property

Marital property includes anything that was purchased within the marriage using marital funds. Spouses can change marital property into separate property within a written agreement, such as a prenuptial or postnuptial agreement. Marital and separate property can also be combined, referred to as “commingling.” Spouses can decide to combine their separate assets. For example, if one spouse owns a home before they are married, but during the marriage, the house can become marital property if both spouses agree to pay the mortgage and other expenses. If during the divorce the couple cannot agree on how their assets and property should be divided, then a judge will decide how the marital estate should be divided.

Contact a Kane Divorce Lawyer

At the The Law Office of Matthew M. Williams, P.C., we understand how taxing and difficult it can be when dividing properties and assets during a divorce. These situations can be complicated and often require the help of an experienced attorney. We can provide you with the assistance you need to make these tough decisions and make sure you fight for what you want and deserve. Contact an Aurora divorce attorney today at 630-409-8184 and arrange an initial consultation. You do not need to go through this alone.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs4.asp?ActID=2086&ChapterID=59&SeqStart=6000000&SeqEnd=8300000