Except for retirement accounts, most property is deemed either marital or non marital. The classification of property will not change over time unless it is impossible to determine if it is marital or non marital, in which case it will be presumed to be marital.
Non marital property consists of the following:
1. Property acquired prior to the marriage, even if the parties are jointly contributing to the asset after the marriage such as by paying off a mortgage on a home or the spouse working at a business established prior to the marriage even if it is without compensation.
2. Property acquired by a gift or inheritance even if it is obtained during the marriage.
3. Property acquired during the marriage, but paid strictly from the sale or use of non marital assets.
Though property that is non marital cannot be given to the other spouse, it will be considered in determining what portion of the marital estate that the spouse with the asset should be given and whether the other spouse should be entitled to maintenance. The marital estate may be entitled to a contribution for the marital assets that is spent on the non marital asset.
IT IS OUR INTENT TO GIVE YOU SOME INFORMATION THAT MIGHT BE USEFUL IN PARTIALLY UNDERSTANDING YOUR RIGHTS AND REMEDIES. THE INFORMAITON DOES NOT APPLY TO THE SPECIFIC FACTS OF YOUR CASE AND CANNOT BE RELIED UPON WITHOUT CONSULTING OUR LAW FIRM SO WE HAVE KNOWLEDGE OF THE FACTS THAT WILL RELEVANT IN DETERMINING THE OUTCOME OF YOUR CASE.
THIS WEBSITE IS NOT INTENDED TO GIVE YOU LEGAL ADVICE THAT YOU CAN RELY UPON.
LEWINTHAL, SKLAMBERG AND ASSOCIATES
950 Skokie Blvd.
Northbrook, Il 60062