Divorce is full of consequences. It comes with an emotional toll, affects children and can have lifelong financial implications. It is important to understand your rights as well as your obligations as you begin the divorce process.
At the Libertyville law firm of Ronald L. Bell & Associates P.C., our priority is to guide clients through their divorce while protecting their rights and interests. To do that, we help our clients understand the relevant Illinois family laws, especially those that relate to property division.
How your property is divided during your divorce will play a significant role in your short-term and long-term financial picture. Through proper planning, we can help you resolve all financial aspects of your divorce, including addressing marital and nonmarital property, child support and spousal support.
Marital And Nonmarital (Premarital) Property
Under Illinois law, property is classified by whether it is marital or nonmarital. During a divorce, property that is marital can be divided between both spouses. Typically, nonmarital property is awarded to its owner.
- Marital property is anything acquired during the marriage.
- Nonmarital property usually means property that was acquired by one spouse prior to the marriage. Examples of nonmarital property include gifts, possessions, inheritances and appreciation of certain property. Nonmarital property is also referred to as premarital property or separate property.
It is important to have a skilled and qualified family law attorney to handle the property division aspect of your divorce. One of the biggest concerns here is the issue of how property is classified. In some cases, spouses may seek to obtain property by claiming that marital property was commingled with nonmarital property. Thus, it is important to do a thorough investigation and analysis into the origin of all property.
Since 1980, Ronald L. Bell has helped family law clients protect their financial interests and obtain fair and equitable results.
Knowledgeable Initial Consultation — Call Today
We offer informative strategy sessions to meet your needs. Schedule your strategy session with lawyer Ronald L. Bell by calling us at 847-495-6000. You can also fill out our online contact form. Offsite, evening and weekend times are available.
Payment plans and credit cards are accepted.