Gifts and Inheritance Divorce Attorneys Serving Schaumburg and Palatine
In Illinois, the inheritances and gifts you receive during your marriage are considered separate property, which means they are not subject to division when you get divorced. However, there is a concept called "commingling," which says that under certain circumstances inherited property can become part of the marital estate. In other words, the only way to ensure that your inheritances and gifts remain entirely yours is to keep them separate from marital property for your entire marriage.
If you are a person with considerable assets and you are now facing divorce, your attorney's experience will be a critical factor in protecting your assets and financial interests. At the Law Offices of Donald J. Cosley, we bring nearly 20 years of high-asset divorce experience to the table. Serving clients in Cook County, DuPage County, Lake County and surrounding communities, we understand that you have many attorneys to choose from. We believe we are the right choice because of our skill, experience and knowledge of the special issues involved in asset division for people of high net worth.
How Is Commingling Avoided?
Remember the general rule that gifts and inheritance received by one spouse during marriage remain the separate property of that spouse, unless they are commingled with marital property. The best way to keep the property separate is to keep it titled solely in the name of the receiving spouse or in an account accessible only to that spouse.
If the inheritance or gift is instead placed in co-ownership, such as through a joint checking account, property deed, car title or brokerage account, then the property has been commingled, which means it is now marital property, not separate property. Once it becomes marital property, then it is subject to divisionduring divorce proceedings.
Wondering if Your Spouse's Inheritance Is Subject to Division?
Family law judges in Illinois are careful to keep inheritance and gifts separate from marital assets. However, if your spouse received a gift or inheritance and you are still non-titled, our Rolling Meadows and Barringtonattorney may be able to show that he or she commingled the assets, entitling you to a share of the property.
Learn How to Protect Inheritances and Gifts in Divorce
We invite you to talk to a division of gifts and inheritance divorce attorney at the Law Offices of Donald J. Cosley to find out more about asset protection and the division of gifts and inheritance in Illinois divorce cases. Please call 847-253-3100, or send us an email to schedule your free initial consultation. We serve clients from Barrington, Palatine, Barrington Hills and all surrounding communities.