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?
Property Division
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?
Is it possible for an asset to change character from separate to marital?
Is it possible for an asset to change character from separate to marital or marital to separate, and if so, how would that happen?
Who decides what is marital and what is separate property?
The law decides what is marital and what is non-marital. It’s set up according to the statute and it’s very clear. If you have a question of what is marital and non-marital, then you can contact someone like myself or other lawyers and they should be able to very quickly analyze the situation and tell […]
If the moneyed spouse was having an affair and spent large sum, can the legal spouse reclaim any of this money during divorce?
Yes the person can. This is considered what is called dissipation; dissipation occurs when one party uses marital funds for non marital purposes, and in this case, to fund an affair or any gifts that are given to the person he or she is having the affair with. So, in this sense the spouse who […]
How can a financially inexperienced person know if a spouse is being completely truthful in his or her financial disclosure?
The best way for a financially inexperienced person to know if the other spouse is being completely truthful in his or her financial discovery is to work with his or her lawyer when the lawyer sends discovery requests and other questions to the other side. Discovery is the formal process by which the lawyer can […]
If someone enters the marriage with pre-marital property, would any growth on that be separate or marital property?
The answer is it depends on the situation. If the party maintains it separate than any accumulation of wealth and if it’s a non-marital property, then the wealth that accumulates is non-marital property. There are situations in which if the other spouse contributes to the non-marital property, gives it time or effort or does their […]
What is the difference between marital property and separate property?
Marital property is any property that’s acquired during the course of the party’s marriage; separate property would be more appropriately called non-marital property. Non-marital property is any property that’s listed by statute in the Illinois Marriage and Dissolution of Marriage Statue. You have to look at it as there are specific categories of non- marital […]
What is the difference between equitable distribution state and a community property state?
First, Illinois is considered an equitable distribution state. What equitable distribution state means is when the judges are looking at the marital assets as a whole, they will start at 50/50 and then they may go up or down from there as they see fit in order to arrive at an equitable division of the […]
What are career assets and how are they divided on divorce?
Career assets are assets that are acquired during the course of a career, such as when you have a doctor who has a medical office or a dentist who has a dentist office. Obviously they have tools and equipment; those would be considered career assets because those machines or those tools have assets and value […]
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