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Illinois Law - What is "Non-Marital Property?" Non-marital property is any of the following:
Example: Clarence gives Anita a diamond ring. At the divorce six months later, the ring is Anita's non-marital property. Example: During the marriage, Anita inherits $20,000 from her parents. She puts that $20,000 in the couple's joint checking account. As long as the account balance remains above $20,000 at all times, the $20,000 is Anita's non-marital property. To the extent interest can be calculated on the $20,000, that interest is Anita's non-marital property as well. Example: During the marriage, Anita buys a vacation home at the beach in her own name. The $15,000 down-payment is paid for with Anita's inheritance money. Over the years, the couple pays $8,000 in principal and interest. The vacation home is now worth double what they paid for it. The home is Anita's non-marital property, but the marital property is entitled to $8,000 of "reimbursement" from Anita's separate property. Example: During the marriage, Anita and Clarence buy a vacation home in both their names. The money for the down-payment comes from Anita's inheritance. The vacation home is marital property. Caveat: All these examples are just a starting point for the court. The court may divide property in a way it finds fair, regardless of the niceties of marital versus non-marital property. Section 5/503.
Disclaimer: We are not giving legal advice. No warranties. We disclaim all legal liability. More... Click here to go to top Illinois divorce law page. Click here for the Illinois divorce legal table of contents. | |||||||||||||||||||||||||
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