Q: I'm looking for a good experience divorce lawyer in Kankakee County.
We are approaching Retirement and both have retirement money, my wifes is much more since we burnt through my stocks and investments while I was sick.
We have a house that need updating to sell and get rid of damage from my wifes cats for years.
She needs to move her and cats out to repair. My questions are...
If I stay and make payments on house and taxes prior to selling do I have to still split 50%- 50% on sale or on equity from her move out is mine.
If I pay for repairs, which will be about $20K can I remove that from sale as well?
I have always handled finances and she is entitled to half but my mom has been beginning to give me money each year to the gift limit and my sisters. Lately she has had to put both of our names so she can give more with current tax laws up top $30K per year for married couple. Can I protect that money from split or is there a creative way to do so.
What are your thoughts we are married in Kankakee County Illinois.
A:
You really should consult in person with a divorce lawyer who will be able to learn all of the facts of your situation, and then advise you accordingly. However, some of your questions can be answered based on the info you provided.
Your wife's retitement funds are a marital asset, and you are entitled to your equitable share of same (typically, 50%). Whatever money you spend to make the home saleable will presumably be marital money (of which your wife owns 50%), so you will not get a credit of 100% of what you spend. The gifts each of you received from your mother belong 100% to the person to whom the money was gifted. Don't spend any of your gifted money on home repairs if you hope to avoid legal implications. The only way to protect gifted money is to put it in an account in your name only, and never add any earned money to it.
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