What Does a Non-Marital Asset Mean in Divorce in Illinois?

 Posted on April 08,2024 in Divorce

In Illinois, when a couple decides to divorce, one important aspect to consider is the division of assets. Non-marital assets play a significant role in this process. Non-marital assets involve assets that will not be subject to division because they are considered to belong to one spouse individually rather than to the marital estate. For assistance through every step of your divorce, hire an attorney to ensure you have the proper legal guidance to fight for a fair settlement.

At The Law Office of Nicholas W. Richardson, P.C., Attorney Richardson champions clients facing difficult family law issues. Whether it is a contested divorce, child custody battle, or asset distribution, Attorney Richardson is a respected legal professional you can depend on when it matters most.

Gifts Given to One Spouse Will Likely Be a Non-Marital Asset

In most situations, gifts given to one spouse during the marriage will be considered a non-marital asset. This includes gifts for birthdays, holidays, or special occasions, as well as gifts from family members or friends. As long as the gift was intended for one spouse individually and not for the couple as a whole, it will likely be classified as a non-marital asset during divorce proceedings.

Property Acquired Before the Marriage is Also a Non-Marital Asset

Property obtained before the marriage is also a non-marital asset in Illinois. This can include real estate, vehicles, investments, or other assets that were owned by one spouse prior to the marriage. As long as the property was kept separate from marital assets and not mixed with joint assets, it will likely be considered a non-marital asset in your divorce.

Assets Included in a Prenuptial or Postnuptial Agreement Constitute a Non-Marital Asset

Finally, assets specifically excluded when you and your spouse drafted a prenuptial or postnuptial agreement will also be considered non-marital assets in Illinois. These agreements outline how specific assets will be divided in the event of a divorce and can help protect a person’s property from becoming mixed into the marital estate. If an asset is identified as belonging to one spouse in a valid prenuptial or postnuptial agreement, it will likely be classified as a non-marital asset in a divorce.

Contact Our Northwest Cook County, IL Divorce Attorney

To ensure you can pursue a divorce settlement that is favorable to you, contact our Inverness, IL divorce lawyer with The Law Office of Nicholas W. Richardson, P.C.. Call 847.873.6741 for a free consultation.