What Happens to Property Owned Before Marriage? - Debbie Cohen

BSPE Legal Marketing Podcast

From Cohen Law LLC – In this episode, we take an in-depth look at the key points from the article 'What Happens to Property Owned Before Marriage?'. This episode explores how Illinois law classifies property during a divorce, focusing on the distinction between marital and non-marital assets. Under the Illinois Marriage and Dissolution of Marriage Act (750 ILCS 5/503), property acquired before marriage is generally considered non-marital. However, maintaining its status requires careful planning and management. We'll discuss the potential risks that arise if property is commingled with marital assets and how that can impact asset protection during a Chicago divorce.
We also highlight the important role prenuptial agreements play in safeguarding assets before entering into marriage. By clearly defining which assets are non-marital, a prenuptial agreement can help protect real estate, financial accounts, and personal belongings from being subject to division in a divorce. This legal tool is especially important for individuals entering a marriage with significant assets, ensuring they have the legal protection they need in case of separation. We’ll go over how a prenuptial agreement can provide clarity and prevent costly legal disputes regarding property ownership.
Additionally, the episode covers how Illinois courts approach equitable distribution during divorce proceedings. In Chicago and across the state, property division is not automatically a 50/50 split. Instead, the courts focus on what’s fair, considering factors like each spouse’s financial contributions, the length of the marriage, and whether one party wasted or dissipated assets. We’ll examine the impact of these factors and how they can influence the division of both marital and non-marital property.
Join us as we unpack the complexities of property division in Chicago divorce cases. Whether you are considering a prenuptial agreement or preparing for a divorce, Cohen Law LLC can provide guidance tailored to your situation. Understanding your rights under Illinois law can be crucial for protecting assets acquired before marriage and ensuring your financial security moving forward. Listen in to learn how to protect your interests and secure your financial future.
Cohen Law LLC
1363 Shermer Rd Suite 228, Northbrook, IL 60062, United States
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