Illinois Divorce-Non Marital Real Estate is a type of real estate that is owned by one spouse separate from the marriage and has not been acquired as a result of marriage. This type of real estate is considered separate property and is not subject to division during a divorce. Types of Illinois Divorce-Non Marital Real Estate include real estate owned prior to marriage, real estate acquired before marriage but during the marriage, real estate acquired through an inheritance, real estate acquired through a gift, and real estate acquired through a business transaction. In addition, if the real estate was acquired during the marriage, but with separate funds, it is considered separate property. The court will examine the source of the funds used to acquire the real estate to determine if it is considered separate or marital property.
Illinois Divorce-Non Marital Real Estate
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FAQ
In Illinois, non-marital property refers to assets owned by one spouse individually. These assets are not subject to division during divorce proceedings. While marital property is divided equitably between both parties, the non-marital property remains with the spouse who owns it.
There is no hard and fast rule as to who gets the home in an Illinois divorce. Generally, if there are minor children, then the spouse with the majority of parenting time will typically get the house. The other spouse will then be compensated for their share of the house in other ways.
Non-marital property generally includes property that was acquired by either spouse before the marriage, inheritance or gifts received during the marriage, and property that is excluded by a valid prenuptial agreement. Transmutation of assets is the conversion of non-marital property to marital property or vice versa.
Illinois is not a community property state, so the marital property laws do not apply when a spouse dies (only for divorce). Each spouse is considered to own the assets that are titled in his or her name.
In Illinois, non-marital property refers to assets owned by one spouse individually. These assets are not subject to division during divorce proceedings. While marital property is divided equitably between both parties, the non-marital property remains with the spouse who owns it.
What is considered non-marital property in Illinois? Non-marital property is anything excluded from the marital estate. Some common examples of non-marital property are inheritances, gifts, and premarital assets. However, as explained above, non-marital assets can become marital assets if they get commingled.
Illinois is an equitable division state, so marital property does not have to be split evenly. Marital property is property owned by both parties.
Typically, the surviving spouse ultimately will inherit the property, however the surviving spouse must enter probate proceedings in order to gain control of the home or property before they are allowed to sell the home.