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Wakenight & Associates, P.C.

707 N. York Street, Suite 201, Elmhurst, IL 60126

Elmhurst | 630-528-0734

Mokena | 815-458-5660   Oak Park | 708-480-9651

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DuPage County Non-Marital Assets in Divorce Attorneys

Oak Brook Non-Marital Property Lawyers

Lawyers in Oak Brook Helping Clients Protect Gifts, Inheritances, and Other Non-Marital Property

If you are facing a divorce, you probably realize that you and your spouse will each be entitled to a share of your marital property. The two of you could reach an agreement on the matter, or it could be left up to the court to decide how your marital estate will be divided. While this may sound fairly straightforward, the team at Wakenight & Associates, P.C. understands that there are often many complicating factors, including non-marital assets owned by each spouse. Our attorneys are equipped to help you manage the financial, practical, logistical, economical, spousal, marital, non-marital, and legal considerations associated with your divorce.

DuPage County Attorneys for Identifying Marital Property

The first step in dividing marital property is determining what assets and debts are considered to be marital. According to the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5), marital property refers to any assets or debts acquired by either spouse during the marriage with exceptions for:

  • Property acquired as a gift to one spouse;
  • Property acquired as an inheritance to one spouse;
  • Property acquired after a judgment of legal separation;
  • Property identified as non-marital property by a valid prenuptial or postnuptial agreement; and
  • Proceeds from the sale of otherwise identified non-marital property.

Property that was acquired before the marriage began is also considered to be non-marital. As a general rule, non-marital property remains under the control of its original owner and is not subject to being divided during a divorce, but the existence of such property can affect the divorce process.

Protecting Non-Marital Property in Illinois

At Wakenight & Associates, P.C., we understand the importance of protecting your non-marital property during a divorce. Our attorneys can help you with keeping marital and non-marital assets separate so that there is no chance for confusion in the future. For example, if you received a sizable inheritance from a deceased relative, you have the right to keep your inheritance after the divorce if you wish. If, however, you deposited your inheritance into the account you share with your spouse and spent it without careful tracking for the purposes of the marriage, it could be argued that your inheritance was "transmuted" to marital property.

Conversely, if you believe that your spouse has mischaracterized certain assets as non-marital, we can help you protect your rights. Our attorneys recognize that a misclassification could cost you thousands of dollars or more in lost assets, and we will work hard on your behalf to ensure a fair and accurate accounting of the marital estate.

Non-Marital Assets as Factors in Divorce

Non-marital property can also play a role in a divorce even if there is no dispute over the property. Proceedings for spousal support and the allocation of marital property require the court to consider the income and assets available to each party. As a result, a spouse with a substantial amount of non-marital assets might receive a smaller share of the marital estate or be required to pay maintenance to a spouse with fewer non-marital assets. At Wakenight & Associates, P.C., our lawyers will help you analyze the financial circumstances of your case and work with you in exploring your available options. We will also help you make the best possible decisions so that you can have the resources you need to move forward with your life.

Call 630-528-0734 for a Free Consultation

If you have non-marital assets you would like to protect in your divorce, contact our office. Call 630-528-0734 to schedule a free consultation and case review today. Our firm serves clients in Elmhurst, Oak Brook, Villa Park, Addison, Hinsdale, Wood Dale, Burr Ridge, Western Springs, Kane County, DuPage County, and the surrounding areas.

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