Is it all marital property?
In Illinois, once you say “I do,” most of the things you acquire become marital property – even your socks. This means that in a divorce, it’s all subject to division. Yes, even that vintage t-shirt collection or your prized fishing gear.
Why Most Things Become Marital Property
It boils down to this: marriage is a partnership. Your income and efforts during the marriage are considered joint contributions. Even if only one spouse uses a particular item, it’s likely purchased with marital funds and therefore considered marital property.
What If I Think It’s Mine?
Your personal feelings about who deserves a particular item is not enough to change its legal classification. Even if you purchased something with your own money, used it exclusively, or consider it your most prized possession, it could still be considered marital property if it was acquired during the marriage. Remember, even if you think your money is yours, during a marriage, it probably is not.
What’s NOT Marital Property?
There are a few exceptions to this rule. Things that aren’t typically considered marital property include:
- Gifts or inheritances received by one spouse
- Property owned before the marriage
- Property acquired after a legal separation
- Property obtained in a lawsuit against your spouse
- The pre-marital portion of retirement accounts
- Any increase in value of separate property (with some caveats)
Gifts, Inheritance, and the Tricky Issue of “Transmutation”
Some assets can change from separate to marital property. This is called “transmutation,”. For example, if your grandmother gives you money and you deposit it into a joint bank account with your spouse, it’s likely become marital property. Of if you put your spouse’s name on your investments, it likely became marital property.
Timing Matters
It’s also important to remember that the date of your separation doesn’t automatically change the status of your property. Until you have a legal judgment of separation or a final divorce decree, assets and debts acquired during the marriage are generally considered marital property. This means even if you live in separate homes, your paycheck, your car, your bank account and your socks are still marital property.
Protect Your Belongings Through a Thoughtful Agreement
While most things you acquire during marriage become marital property, there are ways to protect your belongings through a clear and detailed marital settlement agreement. This agreement should outline who gets what after the divorce, leaving no room for ambiguity or future disputes.
As an experienced divorce attorney in Illinois, I can help you create a comprehensive settlement agreement that protects your interests and ensures a fair distribution of assets.
Ready to Start Your Fresh Start?
If you’re facing divorce in Illinois, call my office at 618-726-2671 or reach out through my website for a free consultation. We can discuss your situation and explore ways to make your divorce as smooth and amicable as possible.
Disclaimer: The information in this blog post is not intended as a substitute for professional legal advice. Please consult with an attorney to discuss your specific situation and legal options.