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1100 Lake Street, Suite 120, Oak Park, IL 60301

DuPage County | 630-852-9700

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Hinsdale property division lawyer for inheritances
An inheritance is something that you receive when a loved one passes away. Though this is a solemn event, an inheritance can sometimes provide you with a bit of financial security. If you are married or plan on getting married, this can pose a unique situation if you were to get a divorce. Because many married couples have shared finances, one of the biggest parts of divorce is determining how to divide assets and debts. In Illinois, this process is done in an equitable manner, which does not necessarily mean that both spouses will come out of the divorce with half of the marital estate. A variety of factors are weighed to determine what is equitable, including each spouse’s income and earning potential, the duration of the marriage, and each spouse’s non-marital property in relation to the marital property. So, what does all of this mean for a spouse who has received an inheritance?

Understanding Marital vs. Non-Marital Property

Before your property can be divided, you must determine which of your property is non-marital and which of it is considered marital property. In general, any assets or debts that you have acquired during the time that you were married is considered to be part of the marital estate. This means that this property is subject to division during the divorce process. There are some exceptions to this rule, however, and inheritances are one of them. As per Illinois law, any property acquired by gift, legacy or descent is exempt from being considered marital property.

Keeping Your Inheritance Separate

Even though an inheritance is technically non-marital property, there are ways in which it can have both marital and non-marital characteristics. If this happens, then your inheritance could be considered part of the marital estate and subject to division between you and your spouse. For example, if you received a cash inheritance, and you deposited that money into an account that you share with your spouse, it could be considered part of the marital estate.

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Oak Brook divorce attorney for property and debt divisionIt has often been said that preparation is the key to success, and when it comes to divorce, that is no exception. Most areas of your life will change after a divorce, including your living situation and parenting situation. Even though your divorce is an emotional process, it is just as much a legal and financial process. Dealing with marital finances during a divorce can be tricky, especially since financial issues are often the root of disagreements during divorce negotiations. Proper preparation is crucial when it comes to the financial side of your divorce. Here are a few ways you can prepare your finances before you begin negotiations:

1. Collect Your Records

The first thing you need to do is to gather all of your financial information from the past couple of years. This can help you get a good idea of your financial picture, and it will ensure that you have everything ready as you begin the negotiation process. You should try to gather records such as:

  • Tax returns

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