Orland Park, IL asked in Divorce for Illinois

Q: During a divorce, if one of the spouses received a lump sum of money does that count as marital property

Money was given to spouse her father and is currently in her separate bank account. Still legally married and should the spouse who received the money have to report it to the lawyer and be split between the 2 spouses?

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2 Lawyer Answers
Cheryl Powell
Cheryl Powell
Answered
  • Mt Vernon, IL
  • Licensed in Illinois

A: This is a more complicated question than you may realize. Yes, the lawyer should be aware of all of a client's assets. The first issue is where did the funds come from?

The second issue is where are the funds now?

The third issue is whether or not the funds are marital or non marital property.

So i will give you the most common examples:

1. Personal injury/worker's comp/employment case, separate or joint account is marital if the injury occurred during the marriage.

2. Inheritance in separate account is non marital. In joint account can be argued either way.

Hopefully, I have now answered your question.

1 user found this answer helpful

J. Richard Kulerski Esq.
J. Richard Kulerski Esq.
Answered
  • Oak Brook Terrace, IL
  • Licensed in Illinois

A: He or she should report it. If the money was a gift or was inherited, it is a non-marital asset, and is NOT subject to division. If it is marital money, it should be reported because it would be fraud if it is not disclosed.

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