Is Money My Parents Gave Me During My Marriage Considered My Non-Marital Property in Illinois?

DuPage County Divorce Lawyers Help Answer Marital or Non-Marital Property Questions

During your divorce, you and your spouse will need to make decisions about how to divide your marital assets. However, before doing so, you will need to determine whether different assets are considered marital property or non-marital property. While marital property must be divided between the two of you, non-marital property owned by either you or your spouse will not be divided. Different types of assets will be handled differently, and gifts you received during your marriage may or may not be considered marital assets.

If you have received funds from your parents over the course of your marriage, before the divorce process has started, determining whether this money will be considered marital or non-marital property can be tricky. In a nutshell, decisions in these matters may be based on whom the money was addressed to and the type of account in which the funds were deposited. Depending on those two factors, your parents' money could be considered non-marital, or your spouse may argue that it is marital property.

Resolving Disputes Related to Gifts

At Mirabella, Kincaid, Frederick & Mirabella, LLC, we can help you understand how Illinois law may affect the money you have received as gifts. If your parents gave you a check as a gift intended specifically for you, that check was made out to your name, and you deposited the amount into your own personal account, it is more than likely that the courts will rule that the money is, in fact, non-marital property. However, if you deposited that money into an account that is jointly owned with your spouse and used it to pay family-related expenses or purchase items used by your family, it can be perceived as a marital asset.

One issue that some couples have is when gifts are addressed to both spouses, such as anniversary gifts. With the money being intended for both spouses, it will usually be ruled as a marital asset that must be divided during the divorce process. Even if the money was from your parents, it would most likely be considered marital property, especially if it was deposited into a joint-owned bank account.

Determining whether money or assets may be classified as marital or non-marital property is not always easy, and in some cases, it may be necessary to work with outside professionals who can examine your family's finances and make sure property will be handled correctly. A forensic accountant may be able to trace the source of different assets to determine how they should be classified. Your attorney can help you negotiate a property settlement that will allow you to maintain ownership of your property and ensure that you will receive a fair and equitable share of the marital estate.

Contact Our DuPage County Asset Divison Lawyers

Dividing assets between spouses can cause conflicts, and this process can become messy. At Mirabella, Kincaid, Frederick & Mirabella, LLC, our dedicated and experienced lawyers can explain these details to you. Do not hesitate to contact us and set up an appointment so that we can get started on your case right away. Our phone number is 630-665-7300. We have served clients from the DuPage, Kendall, and Kane County areas for decades, and we look forward to hearing from you.