Can I Get My Down Payment on Our Marital Home Back When We Divorce in Illinois?

DuPage County Divorce Attorneys Help Explain Dividing Marital and Non-Marital Assets

Dividing your property and assets between you and your spouse during a divorce can be quite challenging. While all of the marital property you own together with your spouse must be divided in a fair and equitable manner, there may be some questions about whether certain assets are marital or non-marital. If you used non-marital funds as a down payment on a home that you and your spouse own together, you may be uncertain about whether this money can be repaid to you or whether your contribution may play a role in decisions about the division of marital property.

If you had a written agreement with your spouse about how your contribution of non-marital funds may be addressed during a potential divorce, this will likely make the process of dividing marital property easier and less complicated. However, without this type of agreement or a prenuptial or postnuptial agreement that addresses property division, financial issues during your divorce may be more difficult to resolve. At Mirabella, Kincaid, Frederick & Mirabella, LLC, our divorce attorneys can review your case and explain what options you may have to try to get your money back and ensure that you will have the financial resources you need after your marriage ends.

Addressing Issues Related to Non-Marital Funds and Real Estate

If you used money you had saved before you got married to purchase a home with the intention of co-owning the property with your spouse, it could prove difficult to get those funds back. When non-marital funds become commingled with marital property in this manner, they may be considered marital property going forward. If you and your spouse did not have a written agreement regarding the money you contributed, the chances of repayment may be slim. Any equity you own in your home may be considered marital property that you and your spouse will have to divide along with other assets and debts.

However, there are some other ways to see if your money can be given back. For example, if the money that you used as a down payment on your house was kept completely in your own name, you may be able to show that the contribution you made should be considered separate property. This could be demonstrated by providing records showing that the money had been kept in a separate account in your own name rather than a joint account.

Each spouse's contributions toward the acquisition of marital property is one factor considered during the property division process. When dividing property fairly and equitably, the court may determine that because of the contributions you made to the purchase of your marital home, you may be entitled to a larger share of that asset. While this may not result in the return of the money you had originally contributed, it may ensure that you will be able to receive a share of the marital estate that is sufficient to address your ongoing needs.

Contact Our Wheaton, IL Divorce Lawyers

Our team at Mirabella, Kincaid, Frederick & Mirabella, LLC has been taking on cases that involve these exact types of circumstances for decades. If you have questions in regard to your particular situation, please contact our office to set up an appointment with one of our attorneys to help you right away. The phone number for our office is 630-665-7300. If you are in Kane, DuPage, or Kendall County, do not hesitate to reach out. We can provide information on recovering pre-marital funds, or we can answer other questions that you have about the divorce process.