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Protecting Family-Owned Assets in Your Divorce
Property division tends to be one of the biggest points of contention for divorcing couples, and for good reason. Over the years, a married couple may accumulate a large amount of property with high worth, sentimental value, or both. When family-owned assets become involved, it can be difficult to untangle them as separate property. By enlisting the help of a St. Charles, IL divorce lawyer, you can take steps to protect your assets.
At Shaw Sanders, P.C., we know that the division of property can be incredibly meaningful in a divorce. When you work with our firm, we will strive to preserve assets that have been passed down or gifted to you by family.
Are Inheritances Excluded From Division?
It may comfort you to hear that inheritances are generally treated as separate property in Illinois. However, this does not mean that your inheritance is automatically safe from division. When separate property mixes together with marital property, the separate property becomes "commingled." This means that it is indistinguishable from shared property.
If you have come into a sum of money from a relative and you want to preserve it as separate property, avoid placing it in a shared bank account. Alternatively, you could consider setting up a postnuptial agreement to make sure it remains separate property. Our lawyers can give you personalized advice to protect your inheritance.
How Are Family Businesses Split Up in a Divorce?
It is fairly common for family businesses to be passed down for multiple generations. If you have inherited a family business – be it a restaurant, a shop, or another enterprise – protecting it in the event of a divorce is important.
If the business grew during the marriage, your spouse may be entitled to some of the profits, even if he or she does not have a claim to the business itself. If your spouse worked at or contributed to the business, you may have to compensate him or her for those contributions. At Shaw Sanders, P.C., we can help negotiate for a favorable settlement or verdict to keep the business running.
Dividing a Generational Family Home in a Divorce
Sometimes, houses and real estate are passed down in wills. If you have moved into a family member’s house, you may wonder if it is considered marital property. The answer to this question varies from case to case.
An inherited home may be considered separate property if it was given to you before the marriage. That being said, the home could be considered marital property if your spouse put marital funds toward it. In that case, some or all of it could be subject to division as per Illinois’ equitable distribution laws. If you are adamant about keeping the house, we can help you negotiate for a fair division of property.
Contact a St. Charles, IL Family Law Attorney
Though you might assume that a family-owned asset is your separate property, it can easily become commingled during a marriage. At Shaw Sanders, P.C., we can help you protect your property during your marriage as well as during the divorce process. To schedule a free consultation with one of our Kane County, IL divorce lawyers, call our offices at 630-584-5550 today.
630-584-5550