Marital Legal Separation and Property Settlement Agreement Minor Children no Joint Property or Debts where Divorce Action Filed - Illinois 2025

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What About Separate Accounts Before Marriage? Accounts made before marriage are considered non-marital property. However, any contributions made to those accounts by the other spouse while married can be seen as marital funds. These funds are then subject to the same division as any other marital property.
Regardless of whose name is on the account, unless there is a premarital agreement stipulation in place, it will be considered marital property.
Of course you can. You can: co-mingle all your money in one joint account have two joint accounts with each of you responsible for one have totally separate accounts have three accounts (yours-mine-ours)
Unfortunately, separate bank accounts are not protected from property division if the assets deposited were acquired during the marriage. Although the funds were not commingled, since they were deposited during the marriage, they will be deemed as marital property, which will be subject to equitable distribution.
In Illinois, non-marital property refers to assets owned by one spouse individually. These assets are not subject to division during divorce proceedings. While marital property is divided equitably between both parties, the non-marital property remains with the spouse who owns it.
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People also ask

Illinois is an equitable division of property state. This means they dont split assets 50/50 down the middle. Instead, the court divides property based on each partys contribution and situation.
Benefits of Legal Separation: Does legal separation protect me financially in Illinois? Yes,but it depends upon the agreements you reach. Legal separation in Illinois can provide financial protection by addressing issues related to property division, debts, and spousal support.
Assets that may be protected from equitable distribution during a divorce are typically belong to one of two types: premarital property that has been kept from being commingled or transitioned and gifts or inheritances.

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