Chances are you and your spouse engaged in the tradition of gift giving between yourselves and with other members of the family. Whether for birthdays, holidays, anniversaries, or other special occasions, presents are a way of showing love, appreciation, and gratitude. Now that you are considering divorce, what happens to these mementos that—in some cases—might be worth a lot of money?
You might already be aware of how Illinois divorce law treats marital and non-marital assets for purposes of property distribution. However, the treatment of gifts is not so clear-cut. An attorney with experience in property division matters can tell you more about specific items, but here are some general rules on how the law applies.
Legal Presumption as Non-Marital Property