How Does Inheritance Affect the Equitable Distribution Process?
In an Illinois divorce, the court determines asset distribution and debtallocation based on “equitable distribution.” As the termimplies, equitable means fair, not equal. This flexible system means thatseparating spouses may not receive a strict 50/50 split.
The court considers multiple factors when determining equitable distribution:
- Duration of the marriage
- The earning abilities of both spouses
- The best interests of the child
- The value of the marital estate
- Various tax considerations
- Marital vs. non-marital property
But what happens if you inherit assets and property in the course of yourmarriage? Is it considered part of the marital estate?
Marital & Non-Marital Property
The court can only divide property that is part of a couple’s “maritalestate.” These marital assets encompass any property, finances,and debts that a couple acquired during the years of their marriage.
The marital estate may include:
- Financial accounts
- Income earned during the marriage
- Stock and investments
- Retirement savings
- Real estate properties
- Motor vehicles
Alternatively, non-marital property, which is also known as “separateproperty” and “personal property,” may be exempt fromthe marital estate.
Non-marital property includes:
- Property owned before the marriage
The Burden of Proof
Only the court can decide if your inheritance is considered part of themarital estate. This is why it’s essential that a divorcing spouseretains the services of an experienced attorney.
You must provide evidence to the court that you received any applicableassets as part of your inheritance. However, it isn’t as simpleas just providing a copy of a will. You’re going to need a lawyerto help you argue that you retained complete and sole ownership over theinheritance during your marriage. If your spouse can prove that the inheritancewas commingled with marital property, it may become part of your marital estate.
Schedule a Consultation
Contact theIllinois divorce attorneys at Wakenight & Associates, P.C. if you have any questions or concernsabout the equitable distribution process. During your consultation, wecan review your assets, determine which properties are part of your maritalestate, and strategize ways to protect your non-marital assets.
Call Wakenight & Associates, P.C.to schedule your free consultation. We have offices conveniently locatedin Oak Park, Joliet, and Mokena.