equity settlement

OFlahertyLaw · 2024-12-02T02:36:28+00:00

In Illinois, gifts given to one spouse during the marriage are generally considered non-marital property, provided they were given by a third party (e.g., a family member) specifically to one spouse, and there is clear intent that the gift is for the individual spouse, not the couple. This can include gifts such as jewelry, heirlooms, or money from family members. However, if a gift is used in a way that benefits both spouses or is co-mingled with marital assets (for example, placed in a joint bank account or used to purchase a joint property), it could be considered marital property during a divorce. Illinois law distinguishes between marital property and non-marital property, with marital property being assets acquired during the marriage (except for gifts and inheritances specifically designated as non-marital). It's essential to document gifts properly to avoid confusion during property division in a divorce.

Marital property is divided based on the principle of "equitable distribution," meaning that the division should be fair, but not necessarily equal. Though each spouse does not automatically get 50% of the marital property, the court will consider a variety of factors to determine a fair distribution. These factors include:

- The length of the marriage

- The economic and non-economic contributions of each spouse to the marriage

- The value of the property

- The financial needs of each spouse after the divorce

- The earning capacity and financial situation of both spouses

- Any custody arrangements for children

- The health, age, and overall circumstances of each spouse

Because Illinois uses a case-by-case approach, the percentage of marital property one spouse may receive can vary greatly depending on the specific circumstances of the marriage and divorce. If the court determines an equal division would not be fair due to these factors, one spouse may receive more than half of the marital assets. It’s often beneficial to work with a divorce attorney to understand how these factors may apply to your particular situation and help ensure a fair division of property.

Adventurous_Tie_4464 · 2023-05-08T23:29:25+00:00

In Illinois it is commingled. Just get an attorney and file. Your ex can say you deserve 1% and she deserves 99%. She can say you deserve 25% and you deserve 75%. Basically she can say whatever she wants. Illinois is an equitable distribution state so the judge decides if you can’t reach an agreement. I’m not familiar with anyone in Illinois getting a 75% / 25% that I’ve ever heard about unless they signed that away themselves prior to seeing a judge

No_Fix_5557 · 2023-05-08T00:37:15+00:00

Thanks. I'm straight up freaked out and this is calming me a bit.

One detail, I'm divorcing her. We lost our connection and I couldn't take being in a room with someone and being miles apart.

The gist is I married up. Her parents gifted us/her to avoid taxes and give their money and to avoid inheritance tax stuff. I had no idea what we had. We lived frugally and I always thought we were ok, and getting by. Turns out we were actually pretty well off.

Now she says the split should be 75/25 in her favor. I have no idea whats going on. I feel like a dick but this division doesn't feel right. I talked with a friend who is a sheriff and laid it out. When I got done, he said, "Talk to a lawyer. NOW."

rsmiley77 · 2023-05-07T21:24:36+00:00

My only advise… you say you’re not smart enough to handle financials…. It’s not that you aren’t smart enough… it’s that you just haven’t learned about it yet. Take thirty minutes each day to learn something new about your divorce. Already know the law before you sit down with lawyer or go to the mediator. That way you’re having a discussion and not just asking questions that may not tell you everything you need to know to make the best decision for you.

Only-Level5468 · 2023-05-07T17:00:20+00:00

Working through the same thing right now but in New Jersey. Everything I’ve read makes it pretty clear that almost everything is going to be considered commingled and you’re entitled to 50% regardless. My wife and I don’t have a ton outside of our house so its a little easier to split (despite her claiming she deserves more of the house) 😂

throwaway0677645 · 2023-05-07T12:14:53+00:00

It depends. I just asked my lawyer a similar question. If deposited into a joint account yes. If into an IRA, doesn’t matter they are leveled and split. If it is a larger tangible asset (house, business, farm, or other large asset) it depends on a few factors like was it titled jointly, did you both pay taxes or other maintenance on the asset; i didn’t have those assets so i didn’t explore further…. CYA (consult your attorney) if you need more.

JuneCleaversMudFlaps · 2023-05-07T06:06:37+00:00

Honestly, don’t even bring it up. Work on a 50/50 split and let the mediator tell her the law. You’ll spend more money fighting shit than you will getting anything. Figure out the best way to move forward without getting completely screwed. Even if it’s 60/40, it’s better than failing mediation and going to trial with lawyers. It’s bullshit man.

Throwaway4120213 · 2023-05-07T03:10:55+00:00

Gifts intended for the couple are marital regardless of whose family gave it and if it was commingled 20-30yrs ago - don’t see how she could argue that they are hers.

If she wants that then you need to get a lawyer.

EmotionSix · 2023-05-07T02:29:22+00:00

Commingled, definitely.

Also, make use of mediation to discuss things you agree on. The mediator will table disagreed topics for the lawyers.

Don’t get hot headed in mediation. Most guys can’t follow this advice. Once again, mediation is all about how to agree on things. Hopefully you came up with a list of wants.

life-is-short- · 2023-05-07T00:17:46+00:00

Get a lawyer. He will answer all your questions.

RuRu_1999 · 2023-05-06T23:40:18+00:00

Generally putting something into a joint account is commingling

Title	equity settlement
Author	No_Fix_5557
Upvotes	3
Comments	13
Date	May 6, 2023 11:17 PM UTC (3 years ago)
Subreddit	Posted in /r/Divorce_Men
Original Link	https://old.reddit.com/r/Divorce_Men/comments/13a5j95/equity_settlement/
Archive Link	https://theredarchive.com/r/Divorce_Men/equity-settlement.1218571 https://theredarchive.com/post/1218571

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