Is it possible for an asset to change character from separate to marital?

Is it possible for an asset to change character from separate to marital or marital to separate, and if so, how would that happen?

By Sean Sullivan
May 03, 2016

It is possible for assets to change character between marital and non-marital. It is driven by the statute. Section 503 of the Illinois Marriage and Dissolution of Marriage Statute covers property [in a whole] and sets forth very specific categories. However, there are specific fact situations in which one party keeps his or her property separate and it may remain non-marital separate property. But if the person starts to put his or her property together or use marital funds to contribute to non-marital purposes, then we could have a change in the character of the property. That is again very fact specific and you'd have to look at what the facts of the situation are and have your lawyer analyze that. There can also be what's considered contribution to the marital estate or to non-marital estate.


Sean Sullivan is a family lawyer practicing in the Elmhurst, Illinois area at the law offices of Laura M Urbik Kern, specializing in child custody and dissolution in divorce. Visit his website, www.laurakern.com, and Divorce Magazine profile.

Back To Top

May 03, 2016
Categories:  Financial Issues|FAQs

Add A Comment

Comment

Allowed HTML: <b>, <i>, <u>, <a>

Comments

Reason for your Divorce

Why did your relationship end? If there's more than one reason, choose the strongest factor.

Money Problems/Arguments
Physical/Emotional Infidelity
Physical/Mental Illness
Physical/Emotional Abuse
Alcoholism/Addiction Issues
Basic Incompatibility


Copyright © 2017 Divorce Magazine, Divorce Marketing Group & Segue Esprit Inc. All rights reserved. Reproduction in whole or in part without prior written permission is prohibited.