Family Heirlooms in a Divorce

 Posted on December 19, 2016 in Divorce

Dividing property can be a very stressful part of a divorce. There may be some items of sentimental value to you that you want to keep, and there are certain steps you can take to make sure that you hold on to property that is important to you in case of a divorce. If you are considering divorce and want to protect certain property, you should contact a skilled property division attorney to find out the best way to make sure your assets are protected in a divorce.

Prenuptial Agreement

One of the best ways to make sure that property with sentimental value is protected in the event of a divorce is to include it in a prenuptial agreement. If you are already married, you can draw up a postnuptial agreement that addresses the property for which you are concerned. However, even if you do not have a prenuptial or postnuptial agreement, there are other ways to protect the property.

Marital or Separate Property

When dividing property in a divorce, the first thing that needs to be figured out is whether the property is marital property or separate property. Marital property is subject to division in the event of a divorce. Separate property remains the property of the individual, so it is not subject to division.

Generally, property that is acquired before the marriage is separate property and property that either spouse obtained during the marriage is marital property, with the exception of gifts or inheritances. If an item is separate property, then the spouse who owns the item will get to keep it. This may not always be as straightforward as it seems, however.

For example, sometimes it is not clear whether a gift was given to the couple together, or just one spouse. Courts will often look to the intent of the donor as to whether the gift is one to the couple or just one individual. It can also become complicated when there are gifts given from one spouse to the other.

Negotiation

If the property at issue is marital property, or even the separate property of the other spouse, you may still be able to keep it. Marital property is divided equitably between spouses. One of the best options at this point is to try to come up with an agreement between the two of you that allows you to keep the heirloom in exchange for other property going to your ex.

Let Us Help You with Your Case

If you are considering divorce or are not yet married, but you want to make sure your family heirlooms will stay with you in the event of a divorce, you should contact a knowledgeable property division attorney to ensure that you keep your prized possessions no matter what happens. Our skilled DuPage County property division attorneys at Davi Law Group, LLC can help you to prepare the necessary documents.

Source:

http://www.ilga.gov/legislation/ilcs/documents/075000050k503.htm