Chicago

2 N. Riverside Plaza,
Ste.1830
Chicago, IL 60606
Phone: 312-897-2010

Crystal Lake

333 Commerce Dr.
Ste.900
Crystal Lake, IL 60014
Phone: 815-455-3000

Schaumburg

1990 Algonquin Rd.
Ste.240
Schaumburg, IL 60173
Phone: 847-637-5140

Chicago

2 N. Riverside Plaza, Ste. 1830
Chicago, IL 60606
Phone: 312.897.2010

Crystal Lake

333 Commerce Dr.
Ste. 900
Crystal Lake, IL 60014
Phone: 815.455.3000

Schaumburg

1990 Algonquin Rd.
Ste. 240
Schaumburg, IL 60173
Phone: 847.637.5140

Additional offices in Warrenville, Naperville, Saint Charles, and Lake Forest

What is Marital and Non-Marital Property?

by | Dec 13, 2019 | Uncategorized

Generally, marital property is property acquired during the course of the marriage. This means that, in a divorce, it belongs to both spouses. It does not matter whose name the property is held in. For example, if a couple is married on March 1, any property acquired after March 1 is considered marital property. More specifically, if Spouse A opens a bank account on March 2 solely in Spouse A’s name, that bank account is still considered marital property even though it is only in Spouse A’s name.

This is not a hard and fast rule. There are exceptions. For example, if Spouse B inherits a large sum of money from their Grandmother during the marriage and Spouse B holds this money in a bank account solely in Spouse B’s name, this property may be considered non-marital property in a divorce case.

Another exception to the marital property rule is gifting. If Spouse A receives a gift directed specifically to Spouse A, this gift may be considered non-marital property in a divorce case.

Generally, non-marital property is property acquired before a marriage. For example, if Spouse A purchases an automobile on March 1, and the marriage occurs on March 2, the automobile may be considered Spouse A’s non-marital property. This means that in a divorce, the automobile belongs to Spouse A.

Please contact the Family Law attorneys at Bruning & Associates, P.C. at 815-455-3000 to schedule your complimentary consultation to discuss the classification of property in a divorce case.

Click here to learn more about Attorney Melissa-Ann Bruett.