HOW TO PROTECT YOUR NON-MARITAL PROPERTY

When it comes to divorce, one of the most contentious issues is property division. As the saying goes, “what’s mine is yours and what’s yours is mine,” is not always the case.

In Illinois, marital property is divided equitably between the spouses, which means that each spouse is entitled to a fair share of the marital assets. However, non-marital property is not subject to division and remains with the spouse who owns it. Therefore, it’s important to keep your non-marital property separate from marital property to avoid it being converted to marital property.

So, what is the difference between the two? Marital property is any property that is acquired during the marriage, regardless of whose name is on the title or on the bank account. Non-marital property is any property that is acquired before the marriage or acquired during the marriage as a gift or inheritance. It can also include property that is excluded by a valid agreement, such as a prenuptial or postnuptial agreement. There are exceptions.

Here are some tips on how to keep your non-marital property separate from marital property:

KEEP ACCURATE RECORDS

It’s important to keep accurate records of all your non-marital property, including bank statements, deeds, titles, retirement statements and receipts. This will help you prove that the property is non-marital and belongs solely to you.

Don’t commingle funds: Avoid commingling your non-marital property with marital property. For example, if you inherit money from your parents, don’t deposit it into a joint bank account that you share with your spouse. Instead, deposit it into a separate account that is solely in your name and never put your income (marital) into the account.

USE A PRENUPTIAL OR POSTNUPTIAL AGREEMENT

A prenuptial or postnuptial agreement can help you protect your non-marital property in case of divorce. These agreements can specify which property is non-marital and how marital property should be divided in the event of a divorce. The agreement can even make income or property that would usually be marital, non-marital.

KEEP YOUR NON-MARITAL PROPERTY SEPARATE

Keep your non-marital property separate from marital property. For example, if you own a house before the marriage, don’t add your spouse’s name to the title. Instead, keep the title solely in your name.

BE CAREFUL WITH GIFTS

If you receive a gift during the marriage, it’s important to keep it separate from marital property. For example, if your parents give you a car as a gift, don’t title it jointly with your spouse.

DON’T USE NON-MARITAL PROPERTY FOR MARITAL PURPOSES

If you use your non-marital property for marital purposes, for example, if you use your inheritance to pay for a family vacation, it’s gone, and you will not be reimbursed.

GET LEGAL ADVICE

If you’re unsure about the status of your property, it’s important to get legal advice. An experienced family law attorney from Strategic Divorce can help you determine which property is non-marital and how to protect it.

Keeping your non-marital property separate from marital property is essential to avoid it accidentally being converted to marital property. By following these tips, you can protect your non-marital property and avoid converting your inheritance or a gift into a marital asset that must be equitably divided in case of a divorce.

Michone Riewer is an attorney with Strategic Divorce in Lake Bluff, 847-234-4445, strategicdivorce.com.