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
Receiving funds from parents over the course of a marriage, before the divorce process has started, can be tricky in determining if it will be considered marital or non-marital property. In a nutshell, it comes down to whom the money was addressed towards and to which type of account it was deposited. Depending on those two factors, your parents' money could be considered non-marital or argued towards being marital property.
At Mirabella, Kincaid, Frederick & Mirabella, LLC we can help expand on what we mean with those two factors. Let's start with to whom the funds were addressed. If your parents were to give you a check as a gift intended specifically for you or for you and your spouse, and 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, yours. However, if you deposit that money into a joint-owned account with your spouse, it can be perceived as marital assets.
One issue that some couples have is when gifts are addressed to both of them. A common example is anniversary gifts. With the money being intended for both spouses, it will usually be ruled as a marital asset that must be divided. Even if the money was from your parents, it would be considered marital property, especially if it was deposited into a joint-owned bank account for the spouses.
Contact Divorce Lawyers in DuPage County
Dividing assets between spouses can cause a large amount of conflicts and become messy. By having representation from one of our dedicated and experienced lawyers at Mirabella, Kincaid, Frederick & Mirabella, LLC, we 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 look forward to hearing from you.