Let’s say someone owned a mutual fund account valued at $100,000 prior to marriage and kept it solely in his or her name. At the date of separation, the account had grown to $150,000. How much of that would be separate property and how much is marital property?
Asset and Property Issues
If a gift was given by the spouse to the other spouse, is it marital or non-marital property?
If the gift was given during the marriage and it was intended in the true sense of the word to be a gift, as in there are no strings attached and there is no contribution consideration or anything like that, then it doesn’t matter who gave the gift. All that matters is the fact that […]
Is an engagement ring marital or non-marital property?
Diamond engagement rings are usually tricky. It’s an old school answer — it’s often a law school answer. But the general rule is that it’s considered a gift and so it’s usually not given back. Sean Sullivan is a family lawyer practicing in the Elmhurst, Illinois area at the law offices of Laura M Urbik […]
What is an example of non-marital property that was received as a gift during a marriage?
Money inherited from a relative is almost always, is always considered a gift of non-marital property. In the case in which the relative who was dying or deceased had left it to the one spouse over the other, that is always considered non-marital property. There are situations in which then it can become that but […]
Are contributions to a spouse’s retirement accounts considered marital or separate property?
As a general rule, contributions to retirement accounts that are earned during the course of the marriage are considered marital property. If contributions are earned both before and during the marriage, then you would have the situation in which some of it would be considered a non-marital portion, and then some of it would be […]
How can a financially naive spouse ensure that he or she gets a property settlement that is fair?
The first thing a financially naive spouse needs to do is hire a family law lawyer, such as myself or Laura that’s experienced in high-net-worth divorces. Then the person needs to communicate openly and honestly with his or her lawyer regarding his or her needs and expectations. And then heed the lawyer’s advice when it […]
If a spouse received annual bonuses during the marriage, are these funds considered marital or separate property?
If one spouse received annual bonuses during the marriage, which he put into a savings account with his name only, are these funds considered marital or separate property?
How common is financial misbehavior during high-net-worth Illinois divorce cases?
It depends on the situation and it depends I guess on the level of high-net-worth. It also depends on how liquid the assets are or whether the net worth is tied up into real estate as that’s a little bit more difficult to hide. If the money or the net worth is tied up in […]
If a spouse used separate property on a family vacation or home renovation, would it become marital property?
What about in the case in which, maybe somebody had premarital funds or inherited some money from his or her uncle during the marriage. And the person took that money and instead of keeping it separate, took the whole family on a dream vacation or contributed significantly towards renovating the family kitchen in the family home. Would that be an instance where it might have changed from separate to marital?
How does someone hide assets during divorce and how do you find them?
If you suspect your spouse is hiding assets, the first thing you need to do is tell your lawyer about your suspicions. Then if your spouse is truly hiding assets, it is likely your lawyer will recommend hiring a financial expert to assist the lawyer in discovering the assets that the spouse has hidden. As […]
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