No, that is not possible. There always has to be a division of marital assets and debts. Sean Sullivan is a family lawyer practicing in the Elmhurst, Illinois area at the law offices of Laura M Urbik Kern, specializing in child custody and dissolution in divorce.
Property Division
What happens if both spouses want to keep 100% of the same marital property?
In real life both spouses cannot keep possession of the same marital property. The law views it as there’s two rights to property in a sense. There is the physical possession of the items such as a home, and then there is the property value, which is the cash value or the fair market value […]
Can a prenuptial agreement override normal property division rules?
Yes it can. But the first thing to consider would be to look at the pre-marital agreement and you’d have to establish the fact that there was an actual valid pre-marital agreement entered into by the parties. Then yes, that would override the rules of property division because it’s a separate contract that those specific […]
In Illinois are assets typically split 50/50 on divorce?
In Illinois are assets typically split 50/50 on divorce? How does that work? For instance, you can’t really split a car right down the middle or a house.
Is a degree earned during the marriage a marital asset?
That’s a very typical question a lot of people ask. And the professional degree itself is not a marital asset; it’s the degree that is earned by the one party over the other. So, those are not necessarily valued. They don’t have a value in the sense to the marriage, but they are earned by […]
If someone owned a mutual fund account prior to marriage, how much of that would be separate property after separation?
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?
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 […]
Follow Us on Social Media