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Which assets are considered non-marital property?

On Behalf of | Sep 15, 2015 | Divorce |

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For couples across the country, divorce is a stressful process. Not only do some people have to deal with strong emotions and confusion over divorce laws, but there are all sorts of divorce legal issues that a couple may face, such as child support, spousal support and property division. If you are preparing to separate from your spouse, it is important to understand which assets are considered separate (non-marital) property and prepare for the possible financial impact of divorce. In Belleville, Illinois, and throughout the U.S., people who fully understand how divorce could affect them may have an easier time moving forward.

On the Illinois General Assembly’s site, a number of examples of non-marital property are provided. For example, if an individual received property as a gift or through legacy or descent, these assets are considered non-marital property. Other examples of non-marital property include property that someone received after legally separating from their spouse and property that has been excluded under an agreement signed by both parties. Furthermore, property that an individual obtained prior to their marriage and property that was exchanged for property obtained before marriage is non-marital property.

If you are thinking about separating from your partner, you may have a number of questions and concerns. However, if you thoroughly evaluate the details of your situation and make sure that you are prepared, your divorce could be less complicated and produce a more successful outcome. It is necessary to understand that this information is not to be taken as a substitute for legal advice.



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