Legal Question in Family Law in Illinois
If non-marital assets (inheritance) was used to pay-off mortgage held by both spouses, how does the other spouse benefit if divorce decrees division of house? Does the non-marital asset amount just go to the spouse that received the inheritance or to both spouses?
Asked on 7/05/11, 1:27 pm
1 Answer from Attorneys
Jonathan Shimberg
Shimberg and Crohn, P.C.
Usually the payment is treated as a gift to the marriage, assuming that the mortgage is on marital property. The newly created equity is marital, unless the parties agreed otherwise.
Answered on 7/05/11, 1:35 pm