Will jewelry acquired during a marriage in illinois be considered marital assets?

Joelle Swift asked a question: Will jewelry acquired during a marriage in illinois be considered marital assets?
Asked By: Joelle Swift
Date created: Mon, Mar 1, 2021 7:45 PM

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Those who are looking for an answer to the question «Will jewelry acquired during a marriage in illinois be considered marital assets?» often ask the following questions:

👉 Is jewelry a marital asset during divorce?

The law sees jewelry as an asset no different than most other assets you might own. Florida Statute 61.075 clearly states that all gifts given from one spouse to another during the marriage are considered a marital asset. Part of the divorce process involves a two-step evaluation of each asset a couple owns.

👉 Does jewelry what assets are considered for fafsa?

My understanding is that FAFSA does not include such things as gold/silver/antique furniture/vehicles/jewelry/oriental rugs/collectibles and such as assets (I am not sure about Profile -- I believe they do ask about vehicles, not sure about gold/silver).

👉 Does jewelry what assets are considered for fafsa 2020?

My understanding is that FAFSA does not include such things as gold/silver/antique furniture/vehicles/jewelry/oriental rugs/collectibles and such as assets (I am not sure about Profile -- I believe they do ask about vehicles, not sure about gold/silver).

8 other answers

If the jewelry was given as a gift, no. The jewelry belongs to the recipient of the gift. If the jewelry was bought for yourself, it belongs to you.

Q: What is considered to be marital assets? A: A wide variety of items can be considered marital assets, including: bank accounts, property, houses, and other material goods such as furniture, jewelry, vehicles, and other things of value that were acquired during the duration of the marriage. Back to Top

Broadly speaking, marital property includes all assets and property acquired over the course of the marriage, usually without special regard to how the property is titled. All marital property is eligible to be divided during a divorce. In Illinois, the courts seek to provide for an equitable distribution of marital property — that is, a fair ...

Illinois law defines marital assets as any properties that are acquired by either spouse during the marriage and before any judgment of legal separation, with a few exceptions including assets acquired by one partner through a gift or inheritance, and assets that are designated as non-marital in a prenuptial or postnuptial agreement.

Jewelry as Marital or Community Property Community property is the joint ownership of items acquired during a marriage. In effect, any items that were purchased using money made during the marriage are equally divisible between spouses. This includes jewelry gifts from one spouse to another.

In Illinois, a court can split property equally or can award different amounts (ownership interest) as it may determine to be fair and equitable. But are inherited assets considered a marital asset in Illinois? The short answer is no, inherited assets would be nonmarital property unless they are co-mingled (putting them into joint ownership with your spouse).

This is because Illinois courts only have authority to divide marital property in divorce. Any asset you or your spouse acquired during the marriage is considered marital property. Assets you acquired before the marriage or received by inheritance or gift while married is considered your separate property, also known as non-marital property.

“In Illinois there exists a presumption of gift where a transfer of property is made from one spouse to another…but the gift must be proven by clear, convincing, and unmistakable evidence to overcome the presumption that all property acquired subsequent to the marriage is marital.” In re Marriage of Weiler, 629 NE 2d 1216 – Ill: Appellate Court, 5th Dist. 1994

Your Answer

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