Barrington, Illinois, Attorney Answers
Division of Property Questions
All property acquired during the marriage, including the house, bank accounts, insurance, and furnishings is considered marital property, regardless of which spouse holds title. All marital property is subject to division by the court though the division is not necessarily equal. Certain exceptions, such as gifts or inheritance received individually by either spouse or property owned prior to marriage, are considered non-marital if they are kept separate from the marital property. The non-marital property is assigned to the spouse who owns it.
Division of property
The law provides that marital property is to be divided "equitably" between the parties. In reference to marital property, as a practical matter, we start with the concept of a 50/50 distribution. From that starting point, however, we may make adjustments depending upon the circumstances of the case.
Any property that was acquired by a spouse either before the marriage, by inheritance, or by gift, is that spouse's non-marital property. Further, property may be made nonmarital by a valid agreement of the parties. Non-marital property goes to the party owning it. Sometimes, property that was nonmarital (either acquired before the marriage or by gift or inheritance during the marriage) is changed or transmuted to marital property.
Transmutation can take place in various ways. For example, if a spouse owns real estate before the marriage and then places it into joint tenancy during the marriage, under most circumstances it will become marital property. Similarly, placing nonmarital funds into a joint account will make the account marital.
Managing your assets during a divorce
We do not usually recommend that our clients make any major transfers of their assets during the initial stage of the divorce proceedings. The actions you take will set the tone for the entire divorce proceeding. Our experience is that in most cases where one spouse unilaterally transfers assets, the other spouse either retaliates in a variety of ways or files an emergency motion with the court, which increases your expenses.
In addition, the use of marital property for a spouse's sole benefit for a purpose unrelated to the marriage at a time when the marriage is undergoing an irreconcilable breakdown is called dissipation and, to an extent, is prohibited under Illinois law. If you believe that your spouse is capable of removing your personal possessions from your home or closing out your financial accounts, you should immediately consult with a lawyer to determine the most appropriate way of protecting your assets.
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Please visit Joseph M. Lucas and Associates' primary web site for more information about divorce and family law matters such as child support and child custody, maintenance and alimony, attorney's fees, procedures and time frame, and settlement of a case.
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Joseph M. Lucas & Associates, L.L.C.
224 West Main Street
Barrington, IL 60010
Phone: 847-381-8700
Fax: 847-381-4329
For more extensive information about Joseph M. Lucas and Associates, our history and the complete description of the legal services we provide, please visit the firm's primary website. There you can find information on a wide variety of legal issues and browse our extensive library of quarterly newsletters that we have published since 1997 on various legal subjects.
Since 1984, Joseph M. Lucas and Associates, L.L.C., has been providing high-quality legal services in the areas of real estate, estate planning and probate, wills and living trusts, business law, personal injury and accidents, divorce and family law to clients in Barrington, Addison, Algonquin, Arlington Heights, Bartlett, Bloomingdale, Barrington Hills, Carpentersville, Deer Park, Hawthorn Woods, Hoffman Estates, Inverness, Kildeer, Lake Barrington, North Barrington, Palatine, South Barrington, Tower Lakes, Lake County, Cook County, McHenry County, DuPage County, and Kane County, Illinois.