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How an Inheritance Can Impact Your Divorce

By Nottage and Ward on August 29, 2011

This blog post marks the conclusion of our three-part blog series discussing critical financial issues that must be considered by anyone facing divorce. Anyone in Illinois who is considering divorce is well-advised to consult with a divorce attorney to learn more about how these issues and others may affect their financial wellbeing.

Inheritances

In Illinois, if one spouse inherits or is gifted any money or property during the marriage, that property is considered to be non-marital property, and it will remain the sole property of the spouse receiving such gifts, provided that the gift or inheritance begins and then remains titled to the spouse or in a bank account that is solely in the name of that spouse. If the inherited money or property is placed into “co-ownership” with the other spouse, such as by placing it into a joint checking account or having both names placed on the deed of the property, then the inheritance or gift may be considered a gift of the marriage, and therefore the character of the money or property may be changed to be considered a marital asset.

Under Illinois law, marital assets are subject to division by the court while taking other factors of the case into consideration. In some cases, property division is 50-50, but is not necessarily so in every case. If there is a significant disparity in both parties’ incomes, or if there are health issues or other factors present, the division may be different.

Call Nottage and Ward Today

Divorce can bring about many financial issues, adding to what can already be a tense, emotional situation. The bottom line, however, is that divorce can have a serious impact on a person’s economic situation, which is why it can be essential to have a skilled Illinois divorce lawyer, such as those at Nottage and Ward, working on your behalf to protect your financial future. To have your financial questions answered by one of our experience attorneys, call 312-332-2915 today.

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