As you may know, at times, it can be very complicated to equitably distribute assets that are commingled between spouses. Continue reading and contact an experienced Tazewell County Commingling Assets & Transmutation Lawyer here at Butler, Giraudo & Meister, P.C. to learn more about the commingling & transmutation of assets and how we can fight to protect what is yours.
Assisting Clients With the Commingling & Transmutation of Assets
In Illinois, only marital property is divided equitably in divorce. Therefore, careful determination of marital and non-marital property in your divorce will be essential to ensuring a fair division.
Marital and non-marital property can easily be mixed together during the course of a marriage. For example, one spouse may use an inheritance to improve the marital home. In these cases, it is important to seek the advice of an experienced Illinois family law attorney so you can secure a fair division of property in your divorce.
At Butler Giraudo & Meister, P.C., our attorneys help clients with transmutation and commingling of assets in Peoria, Tazewell and Woodford Counties and throughout Central Illinois. We will work with you to resolve complex marital property division issues in your divorce, and we will aggressively advocate for your interests.
Transmutation Of Assets
Transmutation refers to a change in the classification of property during a marriage. Marital property can become non-marital, non-marital property can become marital and property can transfer from one non-marital estate to another through this process.
Transmutation can occur by gift or by commingling. A gift that changes the status of property most commonly occurs when a spouse changes the status of an asset. For example, if a spouse has separately owned real estate and changes the title to joint ownership, then the spouse is presumed to have gifted the property to the marital estate.
Commingling of assets can happen in a variety of ways, including when a spouse:
- Uses non-marital assets to purchase jointly owned property during the marriage
- Contributes non-marital property to marital property and it results in the loss of identity of the property
If non-marital property is commingled or transmuted into marital property, it may be possible for the contributing spouse to be reimbursed during the divorce. This could happen, for instance, if one spouse used non-marital assets to make improvements to a jointly owned house.
The laws of commingling, transmutation and reimbursement are complex. The way in which property will be divided in your divorce will depend on a variety of factors and the specific facts of your case. As experienced divorce lawyers, we can guide you through the process of dividing your assets, explain your options and work to resolve your property issues.
Contact a Tazewell County Commingling Assets & Transmutation Lawyer
There are few things more important than retaining the assets you own in a divorce. If you need a Tazewell County Commingling Assets & Transmutation Lawyer, our legal team is here to help you. Contact Butler, Giraudo & Meister, P.C. today to schedule your initial consultation with our competent legal team.