Property Division Attorney in Oakbrook Terrace, Illinois
What’s the difference between marital and non-marital property?
What’s the difference between marital and non-marital property?
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00:04
the difference between marital and
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non-marital property
00:08
is in essence how and when the property
00:11
was acquired
00:12
it’s significant because the court can
00:15
only divide
00:16
marital property what i tell people to
00:19
think about
00:20
property in three different buckets you
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have the marital bucket
00:24
and you have a wife’s non-marital
00:27
property and a husband’s non-marital
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property
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and so non-marital property is
00:31
properties that come to that person
00:34
prior to the marriage
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and is maintained separate from the
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marriage
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kept in their soul names and handled
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separately
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it is also inclusive of
00:45
direct inheritances that are also kept
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separate and there are some other
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exceptions but those are the general
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uh rules the marital portion the marital
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bucket
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is everything that people start to
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acquire after they say i do
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and that continues to grow until the day
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the judge
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signs the judgment so in that time frame
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the property inquiry during
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that period of time would be considered
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marital with exceptions
01:11
which would be something i’d have to
01:12
talk to somebody about their specifics
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Chicago, IL family law attorney Michael Lodermeier explains the difference between marital and non-marital property. He notes that the difference between marital and non-marital property essentially comes down to how and when the property was acquired. This distinction is important because the court can only divide marital property.
He advises clients to think of property in three separate categories: the marital bucket, the wife’s non-marital property, and the husband’s non-marital property. Non-marital property includes assets brought into the marriage by one spouse and maintained separately in their name, as well as direct inheritances that are kept distinct. There are other exceptions, but these are the general rules.
The marital bucket, on the other hand, encompasses everything acquired after the couple is married, continuing to grow until the judge signs the divorce judgment. Property accumulated during this period is generally considered marital, though there can be exceptions that depend on the specifics of each case.
