During a divorce in Illinois, inheriting assets can cause conflict between couples. It is possible to protect your inheritance by taking specific steps. Here are some essential points to consider.
Understand Illinois’ Property Division Laws
In Illinois, when a couple divorces, the assets are divided fairly, but not necessarily equally, based on the principle of “equitable distribution.” If you inherit assets, they are generally considered separate property and are not subject to division in a divorce. However, if you mix the inherited assets with marital assets or use the inherited funds for marital expenses, your spouse may be able to claim a portion of the inheritance.
Keep Your Inheritance Separate
Keeping your inheritance separate from your marital assets is crucial to safeguard it. This involves not mixing your inheritance with marital property and keeping it in an account under your name. Also, do not use the inherited money for any marital expenses, as it can invite a claim from your spouse for a share in the inheritance.
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