What is Marital and Non-Marital Property?
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.
It is important to consult with an attorney to determine whether property is marital or non-marital. Please contact our office at 815-455-3000 to schedule your free consultation to discuss the classification of property in a divorce case.
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