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How Can I Avoid Commingling My Assets?
The division of marital property in your divorce can be tedious to deal with. One of the biggest questions you may have is how you draw a line between marital property and separate property. When your separate property becomes tangled together with the marital estate, it could be subject to division in court. An Illinois divorce attorney can explore your options to protect your property from becoming commingled.
At Shaw Sanders, P.C., we believe that smart negotiation is the key to effectively resolving a divorce as painlessly as possible. Our lawyers can help you work toward an optimal split of property while also protecting your personal assets.
Can a Prenup Prevent Assets from Becoming Commingled?
Often, assets acquired before marriage end up commingled when they are placed into a shared bank account. A prenuptial agreement can help protect your separate assets from division in a contested divorce.
If you have a prenup in place that clearly labels a piece of property as separate, you can breathe a sigh of relief. However, you may run into issues if the prenup is contested in court. Your spouse could claim that the prenup was signed under duress or that the terms are unfair. At Shaw Sanders, P.C., we can help you enforce a prenuptial agreement by arguing for its validity to a judge.
Are Separate Bank Accounts Exempt From Division?
Many people open up separate bank accounts during their marriage to keep their assets from becoming mixed together. Although this may seem like a sound measure, it may not hold up under scrutiny. Any income you earn during your marriage is considered marital property, so even if you put that money into a separate account, it could still end up commingled.
If you want to maintain a separate bank account during your marriage, you should be aware that the funds you put into it legally belong to both you and your spouse and are subject to division. These assets will be divided fairly between you and your spouse.
How Can I Prove That My Assets Are Separate Property?
Unless it is specifically excluded by a prenuptial or postnuptial agreement, the burden may be on you to prove that your property is separate from the marital estate. This may require presenting documents such as receipts clearly showing that you purchased a piece of property before your marriage. If you received an asset during your marriage as part of an inheritance or gift, you should also be prepared to show that it was intended for you specifically.
At Shaw Sanders, P.C., we can help clarify the identity of your separate property to the court. We can help you compile the documentation to prove that your assets belong to you and you alone.
Contact a Kane County, IL Property Division Attorney Today
At Shaw Sanders, P.C., we know how intense property disputes can become. Our St. Charles, IL divorce lawyers are here to help you negotiate for a favorable share of assets in and outside of the courtroom. Call us at 630-584-5550 to set up a free consultation today.
630-584-5550