Q: Per IL law: the marital home was purchased (no mortgage) with funds earned prior to the marriage.
A small mortgage was obtained later for pay for siding. I have invested more than I can get if I sell the home. If the home is sold, how would the law define the home's equity? How would it be split between spouses?
A:
With some exceptions, the general rule is anything acquired during the marriage is presumed to be marital property. There are some facts missing from your question that might help to better answer this. It sounds like non marital funds were used during the marriage to purchase the home. Without more information, this could be considered a gift to the marriage, making it marital property. If there were circumstances surrounding the purchase that made it clear, it was not a gift to the marriage, you could make the argument that it is non-marital property.
I would suggest meeting with an attorney so that you can review more of the facts and get a better answer. Some attorneys offer something called limited scope services where you could pay a smaller amount to have your questions reviewed in detail. Feel free to reach out to my office if you would like to discuss further in private.
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