A tearing Divorce paper with two marriage rings The way gifts are treated in an Illinois divorce depends on how they are classified, whether they meet the definition of "gift" under state law, and whether the assets were co-mingled with marital property. Gifts that are determined to be marital property are divided equitably. Assets that are non-marital property stay with the owner. Understanding what Illinois state law considers a gift will help divorcing spouses know what to expect. What … [Read more...]
How Gifts Are Treated in an Illinois Divorce
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